Skip to main content

Full text of "International Herald Tribune , 1994, France, English"

See other formats


-isps 

for**, 



C* 

;4 'S 


Herald 


INTERNATIONAL 



Sribun 


PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 



~lne « 
94 1 
\i7 m 


** 


London, Thursday, March 31, 1994 


No. 34-550 


' ‘e : i 


■'I S. 


X 


- „"S 


.r-u 


'New Cabinet in Sight, 
Berlusconi Now Asserts 

i Jaief Opponent in Italian Alliance 
Won’t Fight Him for Power, He Says 




■ \ 




- -v • 


ws vnow 

i.V^iFlED 


By William Drozd! ak 

, Washington Peat Service 

ROME — Silvio Berlusconi, the billionaire 
woo lea a rightist alliance to a startling electoral 
mumpb that revamped Italy’s political land- 
scape, declared Wednesday that his federalist 
ally Umberto Bossi no longer opposed his bid 
to bead a new government. 

As he began to spell out his posidecioral 
ambitions for the first time, Mr. Berlusconi said 
he was also willing to sell off his enormous 
business holdings if that would alle viate anxi- 
eties about potential conflicts or interest in his 
nascent political career. 

After meeting with Mr. Bossi for the fust 
tune since their three-party Freedom Alliance 

Italian markets were cheered by prospects for 
an end to the political chaos. Page 13. 


r ._ won the most important general elections for 
• - P; four decades, Mr. Berlusconi confirmed public- 
-'_r- ' r ly that he intended to become prime minister of 
.;X a rightist government if he is asked to do so by 
-- President Oscar Luigi Scalfaro. 

“It would be logical," he said in Milan. “This 
. . 7 is an electoral alliance. There is a party that is 
. the biggest force within that electoral alliance 
and I'm the leader of that party. 

1 : “I have made guarantees to the Italian people 

that we will form a good government, one that 
wifl show efficiency and deter mina tion I am 
sure we will achieve it soon.” 

Mr. Bossi sounded conciliatory after the 
meeting although he did not specifically recan t 
his earner opposition to the prime minister's 
job for Mr. Berlusconi. Nor did he recant his 
opposition to a role for neofasdsts in the gov- 
ernment. 

“If everything goes as it should, we will 
rapidly be ready to give the country a govern- 
ment," Mr. Bossi said. “But first we have to 
understand properly whether there is the 
chance of establishing a common program.” 
Bandy two months after entering politics, 


Mr. Berlusconi steered the rightist electoral 
coalition, consisting of his populist movement 
Foiza Italia. Mr. Bossfs Northern League and 
the neofascist National Alliance, to a landslide 
victory with an absolute majority of 366 seats in 
the 630-seat Chamber of Deputies and a quali- 
fied majority of 155 in the 315-seat Senate 

Yet, even before the final votes were counted, 
the prospects that the rightist alliance could 
form a government were cast into doubt when 
Mr. Bossi insisted he could not tolerate the 
entry into government of the neofascists. He 
objected to their extremist background and the 
fact that, since they got most of their votes in 
the south, they would demand a continuing 
stream of subsidies from the wealthy north. 

Mr. Bossi said Mr. Berlusconi's vast business 
empire, which includes three televirion stations, 
magazines, supermarkets and extensive real es- 
tate holdings, should disqualify him from be- 
coming prime minister because he would face 
too many conflicts of interest Instead. Mr. 
Bossi proposed that Roberto Moroni, the 
Northern League's leader in the lower bouse, 
lake charge of the new government 

But Mr. Berlusconi suggested in a television 
interview that he was now prepared to dispose 
of his holdings, including his three television 
stations, winch opponents claimed had been 
shameless in their promotion of the magnate's 
campaign. 

“Fve heard that some people have said that if 
I want to be prime minister, I'D have to sell my 
companies,” be said. “Let them come forward. 
If someone wants to buy them. I've got nothing 
against it" 

That promise may have softened Mr. Boss’s 
earlier objections. Asked after their meeting if 
Mr. Bossi would now accept him as head of the 
next government, Mr. Berlusconi replied: “F 
think that was the conclusion of our meeting.” 

On the other hand, Mr. Berlusconi said that 
be expected the National Alliance to take pan 
in his government. He also held open the possi- 
bility that a Northern League representative 
could serve as his deputy prime minister. 



While Talks Go On in Cairo, Rocks Keep Flying in Hebron 

A Palestinian youth with a slingshot hurling a rock Wednesday at Israeli soldiers in the West Bank dry of Hebron. In Cairo, 
meanwhile, Israeli and Palestinian negotiators held a marathon session in an attempt to hammer out security arrangements 
for the occupied territories. Both sides said that they were hopeful but neither side reported any substantial progress. 





In the Savage World of Stocks, Here’s How to Avoid the Bear 


By Brett D. Fromson 

Washington Pest Service 

NEW YORK — You probably noticed 
that stocks have been off a bit lately. .. 

An right-week plunge has wiped out most 
of the market's gains this year. Since its peak 
on Jan. 3 1, the Dow Jones Industrial Average 
has fallen 8.8 percent, including a plunge of 
1121 points on Wednesday that took the 
index to 3,626.75. (Page 9) In Europe, stocks 
seem to be taking their cue from Wall Street 
Key indexes in Paris, London and Frankfurt 
ail dropped Wednesday. (Page ID) 

Whether the current stock slide is merely a 
correction or a major bear market now is the 


lime to get some “downside protection,” as 
they say on Wall Street 

“Investors go through three phases in a 
stock market decline: complacency, concern 
and capitulation.** said Byron R. Wien, a U.S. 
stock analyst with Morgan Stanley & Co. 
“We have just entered concern. Capitulation 
is ahead,” be said, meaning heavy selling by 
demoralized shareholders. 

Conventional wisdom an Wall Street is 
that in a bear market you should hang in 
there if you do not need the money tied op in 
stocks anytime soon. Mutual fund firms said 
Tuesday their clients were following that ad- 
vice. “We got very little reaction from inves- 
tors today to the market decline," said Steven 


E Norwitz, of T. Rowe Price Inc_ a large 
fund operator based in Baltimore. 

But some successful professional investors 
said they thought conventional wisdom was 
bank 

“In between now and the long run, there 
are awful periods," said Michael Harkins, of 
the investment advisory firm Levy, Harkins 
& Co. “Not only will stocks be lower a year 
from now, but yon may have unexpected 
financial needs requiring you to seD stocks. 
And then you may have less money. This is an 
extraordinarily overvalued stock market. It is 
not sensible to sit there and get run over." 

Luridly, there are some things you can do 


to m i n i m ize the pain that may lie ahead, 
according. 10 professional investors. 

First, review what you own and the reasons 
why. If there are stories or mutual funds in 
your portfolio that have gains but that you 
have doubts about, then sell Mr. Wien said. 
That goes for mutual funds as well In an age 
when investors can switch funds in a single 
telephone call professional investors said, it 
makes sense to move toward less market- 
sensitive funds in a declining market. 

Second, find investments that will not get 
ha mm ered and transfer some of your money 
to than. 

Some slocks fall less than others in a bear 
market The only generalization Lhat can be 


made about the relative performance of sec- 
tors is that the stocks that were most popular 
on the way up tend to be those that are most 
hated on the way down. 

Stanley D. Salvigsen, head of Comstock 
Partners Inc., a New Jersey-based investment 
advisory firm with a perennially defensive 
stance, said be liked gpfd stocks as a hedge in 
large part because they have been unpopular 
for more than a decade. He would avoid 
shares in brokerage and mutual fund compa- 
nies, two of the most popular stock groups in 
recent years. 

“Those businesses were some of the great 
See BEAR, Page 5 






... Jc£- * 




h*'-' *= 


1 ■ V' 

■ . 

:£> 




_ * 


In This Factory, 
Russian Reform 
Comes in Twists 


By Fred Hiatt 

Washington Pan Service 

NIZHNI NOVGOROD. Russia — The Ver- 
mani noodle company joined Russia’s expand- 
ing ranks of privatized firms right months ago, 
and on the surface nothing much seems to have 
changed. 

Inside the drooping 1938 factory in ibis large 
Volga River city 400 kilometers (250 miles) east 
of Moscow, sparrows still ffit above the auto- 
matic spaghetti maker. But for Vermaiu's 300 

• workers, privatization has brought dizzying 

* change. Their Soviet-era boss was ousted in a 
bare-knuckled ruckus at a shareholders' meet- 
ing. A Moscow-based mutual fund ran by 
“twentysomething" financiers is gobbling up 
slock and seeking controL 

How Vermani, and thousands of companies 
like it, adapt to the “post-privatized" world has 
emerged as a key to the success or failure of 
Russia’s reforms. Thanks to the largest national 
yard sale in history, more than half of Russia's 
work force now toils in the private sector, 
according to a spokeswoman for the quasi- 
official Russia Privatization Center. 

Many critics charge that the privatization too 
often has bear in name only that the same 
Soviet-era managers remain in charge, still 
looking to Moscow for guidance and handouts. 
Without a well-developed stock market that 
would allow outriders to buy in and pressure 
those managers, the critics charge, blue pro- 
gress is likely. . , . . . , 

“The main aim has not been achieved, said 
Nizhni Novgorod’s reformist governor, Sons 
Nemtsov. “Both in terms of attracting invest- 
ment and replacing managers, the change ha- 

^et^oughout the country, the picture is 
decidedly mixed. A recent informal I survey 
found that more than half of 
have changed their product mix and mtrotod 
incentive-based wages. Mcordir^ to MaxnQ 
Boyko, head of the Privatization Center. _ln the 
ffiSwiKlof 215 shareholder meetings w this 

See NOODLES, Page 5 


Kiosk 







:A'ii 


The submarine Emeraude off Toulon in a 1992 photo. 


10 Die on French Nuclear Submarine 


PARIS (Reuters) — France has recalled 
three nudear-powered attack submarines fol- 
lowing an aeddent that killed 10 sailors 
aboard a fourth vessel on Wednesday in the 
Mediterranean, the navy said. 

Rear Admiral Philippe Roy said the other 
submarines were being recalled because of 
questions about the accident on the subma- 
rine Emeraude. Admiral Roy said two of the 
submarines being recalled were in the Medi- 
terranean and one was in the Atlantic. 

The accident on the Emeraude, which was 
on a training mission off its port of Toulon, 
was believed caused by a pipe that burst and 
released steam, killing the 10 sailors who were 
in the engine room compartment. Admiral 
Roy said. He said that the accident did not 
op use any radioactive cont amina tion and that 
the submarine was not carrying nuclear mis- 
siles. 


Dow Jones 





Wed Q 4 PA 1 


DM 


1.6751 


previous Oobc 


1-6727 


Pound 


1.4795 


1-485 


Yen 


102.84 


103.125 


5.7237 


5.723 


ItoaHh /Science 

Researchers are dating in on a sin gje-do se 
vaccine for children. & 


Book Review 
Bridge 


Page 3 . 
Page 3 . 


Hillary Clinton’s $100,000 Gain: 
Documents Detail a Risky Roll 


By Ruth Marcus 
and Charles R. Babcock 

Washington Pea Service 

WASHINGTON — The While House has 
made public documents showing how Hillary 
Rodham Clinton parlayed a $1,000 investment 
into nearly $ 100,000 in less than a year by 
trading in cattle futures and other commodities 
in notoriously risky futures markets. 

The Clintons' large profits in commodities 
trading were nearly as large as their incomes for 
those years and came at a time when they had 
virtually no assets. 

Commodities trading is done on margin, 
meaning that it takes only a small amount of 
money to control a huge contract Bui it is 
generally thought to be extremely risky, be- 
cause if the market goes down, an investor can 
be liable to come up with the full amount. 


A White House official said Mrs- Clinton 
was not risking more than she could afford 
because she normally bad enough money in her 
account to cover any losses. 

Jade. Sander, chairman of the Chicago Mer- 
cantile Exchange, said in an interview that “it is 
very possible" to make $ 100,000 on a $ 1,000 
cash investment “if you are lucky enough to be 
in a market that bas a precipitous treading 
move." 

“And 1978 and 1979 was the biggest bull 
market in the history of the cattle market," he 
said. 

Mr. Sander added that the rule of thumb that 
75 percent to 80 percent of commodities inves- 
tors lose money was correct. 

“1 believe she would have been one of those if 

See FIRST LADY, Page 5 


to 


Tokyo Edgy 
Over Tough 
Washington 
Trade Stance 

Business Leaders See 
A Hidden Agenda to 
Erode Competitiveness 

By Steven Brail 

ImernahcmaJ Herald Tribune 

TOKYO — Japanese industrialists and econ- 
omists are expressing growing fears that Wash- 
ington’s uncompromising push to open Japan’s 
markets has increasingly become a campaign 10 
erode their nation's industrial competitiveness. 

“There is an element of the strategy that 
wants to use the strong yen to achieve economic 
hegemony among the advanced capitalist econ- 
omies, especially in high technology," Mineko 
Sasaki- Smith, economist at Morgan Stanley & 
Co. in Tokyo, said Wednesday. 

Her comments echoed suspicions expressed 
in leading Japanese newspapers over die 
week that Washington has a hidden ag 
make Japanese goods less competitive 
out the world. 

^What had been seen as a tool fo^levcn ^e is 

The hardened U.S. stance was clear Wednes- 
day as the American envoy to Japan, Waller F. 
Mondale, criticized Tokyo's proposals this 
week to stimulate its economy and expand 
market access. 

“There is virtually nothing in this document 
that bears on stimulation at all" he said at a 
breakfast meeting for U.S. executives. He said 
the United Slates hoped sanctions would nor be 
necessary, but added, “We can't live with the 
status quo." 

His comments came just hours after Mickey 
Kantor, the U.S. trade representative, said the 
Japanese package was insufficient to reopen 
stalled traoe talks between the two countries. 

The U.S. administration's tough rhetoric has 
helped propel the yen to levels against other 
currencies mat strip most Japanese products of 
their competitiveness overseas and deprive 
companies of profits on exports. 

tforse, the corporate fallout spreads 
throughout the broader economy, exacerbating 
fears about job security and damping private 
consumption, which represents 60 percent of 
Japan’s gross domestic product. These reper- 
cussions contradict the expressed UJS. goals of 
expanding Japan’s economy to increase im- 
ports and narrow the current-account imbal- 
ance, which hit a record $131.4 billion in 1993. 

Most Japanese see U.S. tolerance of a strong 
yen as a way to force concessions. But the 
contradiction between goals and methods is 
fanning the suspicions that Washington has a 
hidden agenda to make U.S. goods more price- 
competitive than Japan's, not only at home but 
afcn in European and Southeast Asian markets. 

“I don’t want lo say it’s emotional anti- 
Americanism," said Hirohiko Oku m ura, chief 
economist at Nomura Research Institute, “but 
there is. more and more momentum to criticiz- 
ing American policies from a logical point of 
view." 

Both sides were careful to keep tensions 
under control Mr. Kamor said the door re- 
mained open to new proposals, while Tokyo’s 
top spokesman pledged Wednesday an all-out 
effort to flesh out more specific measures ahead 
of the annual Group of Seven summit meeting 
of leading industrial democracies in July. 

“It is enormously important for the Japanese 
government to put all its energy into compiling 
such measures in June,” said the chief cabinet 
secretary, Masayoshi Takemura. 

Tuesday’s package covered areas of U.S. con- 
cern — including promises to extend cuts in 
income taxes, expand public works spending 
and deregulation in such key sectors as autos, 
auto parts and financial services. But the pro- 
posal had very few specifics, trying the patience 
of US. negotiators. 

“In the deregulation area, basically what you 
have are very generalized statements of steps 
that will be taken down the road which are very 
difficult, very vague and very difficult to ana- 
lyze and may or may not lead to anything 
several months down the road," Mr. Mondale 
said. 


China Offers Mild Draft on North Korea 


Compiled bv Our Staff Fran Dispatches 

UNITED NATIONS, New York — China, 
in a surprise move, submitted a draft statement 
to the other four permanent members of the 
Security Council on Wednesday urging North 
Korea lo permit inspection of its nuclear sites, a 
council source said. 

China had originally opposed any action by 
the council on the Korean nuclear issue, saying 
it should be settled through dialogue. But Beij- 
ing said later that ii could consider a statement 
of a “mild, constructive, positive and objective 
nature.” 

It was not known whether the statement 
proposed by China at a meeting with represen- 


tatives of the United States, Russia, Britain and 
France was firm enough to satisfy the other 
permanent council members, most of whom 
suspect North Korea of conducting a clandes- 
tine nuclear weapons program. 

The council has been working on both a 
resolution and a statement, in hopes that one or 
other might be adopted in the near future. 

While a resolution would carry greater 
weight, it appeared unlikely that China would 
vote for one in any form and would at best 
abstain rather than use its veto. A Security 
Council statement, which is nonbinding, carries 
less weight than a resolution. 

A statement issued by the council president. 


on (he other hand would require the concur- 
rence of all 15 members, including China, and 
thus have the advantage of presenting North 
Korea with a united front. 

The council source noted that it was rare Tot 
C hina to propose the wording of a statement. 
Beijing usually prefers to otter amendments to 
texts circulated by other delegations, the source 
said. 

The statement proposed by China contained 
a non binding text similar to one on which 
action was expected to be taken late Thursday, 
but without a key clause promising that the 

See CHINA, Page 5 


Debunking William Tell , Heroism and Other Myths 






Newsstand Prices 


S 5 tr.s » 3 i§: 

DenmorKl4.00D.Kr. oSwn^..L000 Riojs 

Finland. — 11 FJVl. q-^,. 8.00 Rials 

Gibraltar — £ 0.85 ^ | reland! R £1.00 
Great Britain £ 0.85 saudf Arabia 9.00 R 
Egypt — E.P.5000 South Afri« -•••*« 

gfagg 

Kuwait. 300 FUs Zimbabwe. Zim-saiw 


By Henry Kamm 

A fetv York Tuna Service 

LAUSANNE, Switzerland — The Alps will 
not crumble; the watches will continue to tell 
time. There will be numbered bank accounts, 
and cows win still graze on mountain slopes 
and donate milk for cheese and chocolate. 

But an exhibition in the Historical Museum 
of this city on the Lake of Geneva casts scorn 
on many other fundamentals, shared by most 
Swiss, that give this nation its sense of righteous 
seir-assuraace. 

The theme of the exhibition is that the heroic 
history of the founding of Switzerland, whose 


700th anniversary was celebrated with pomp 
throughout 1991, has almost no foundation in 
truth. Switzerland is not the world’s oldest 
democracy, it contends, and it was not founded 
by Alpine peasants who gathered on a meadow 
in 1291 to defy the mighty Hapsbnrgs. 

In perhaps the unkindcst cut of aD, the exhi- 
bition relegates William Ted, die national hero, 
to the realm of folklore. 

“They invented all the great events and then 
put the invented figure of TeU into this land- 
scape," Professor Werner Meyer, who holds the 
Sr of medieval history at Basel University, 
caid in an interview in his cluttered office. 


Professor Meyer, aided by his assistants and 
students, is the creator of the exhibition. His 
role as chief proponent of the debunking school 
has earned him a loose-leaf binder full of angry 
letters, including a death threat, and abusive 
phone calls. Similar reactions were reported by 
Olivier Pavilion, curator of the Lausanne muse- 
um. 

At 56, Professor Meyer could easily play the 
protagonist in the many Tell folk dramas that 
enliven the tourist season. Burly and bearded, 
he wore a sleeveless, sheepskin-lined leather 
jacket and a silver bull’s bead on a chain around 
tus tieless neck. His firm hands might easily 
have held the crossbow with which the hero 0 / 


legend was forced to shoot the apple from his 
son’s bead after refusing to kowtow loan Aus- 
trian official 

Professor Meyer and Mr. Pavilion see the 
Swiss who blocked this country’s joining the 
process of European integration in a 1992 refer- 
endum as heirs of those who perpetuated the 
legend of Switzerland — officially known is 
English as the Helvetic Confederation — as a 
porcupine, suspicions of and armed against its 
neighbors. 

At the entrance to the exposition, visitors are 

See SWISS,Page 5 


JSSj «**(?.-} GERMANY^ j 


FRANCE 


^ ^Bas 


r>" 


Lake 
Geneva 



Zurich* ' . 

URl 

■^CANTON | 


VOwff * ■ 1 • , 

Vi SWITZERLAND iTT- ~ 

' - IT-* £•' . ■ .. 



•er- 

soo 


U a» 


an At 
U MOf 

iDrav 
Pernu 
*and 1 
lemer 
!iwomi 
i wort 
mt ar 

f 

» 


SYT 


t 





1 * • 


Page 2 


IRA Call for Truce 
Disappoints Both 
London and Dublin 


Compiled by Our Staff From Dispatches 

BELFAST — The IRA on 
Wednesday called a three-day halt 
to its campaign of violence to try to 
spur faltering peace efforts in 
Northern Ireland but the overture 
brought icy responses From Lon- 
don and Dublin. 

The Irish Republican Army is- 
sued a widely expected statement, 
saying it was unconditionally sus- 


pending “offensive military action” 
for 72 hours next week as a sign of 


for 72 hours next week as a sign of 
its willingness to explore “the po- 
tential for moving the situation for- 
ward.” 

But the group's first such cease- 
fire in 19 years was greeted with 
disappointment. Observers said it 
felt short of the permanent cessa- 
tion of violence required under a 
stalled British-lrish peace initiative 
announced in December. 

The move was the first sign of 
IRA flexibility over the December 
declaration, in which the British 
and Irish governments called on 
the IRA to lay down arms for good 
and join multiparty talks about the 
future of Northern Ireland. 

But Prime Minister John Major, 
who was paying a surprise visit to 
Northern Ireland on Wednesday, 
said any temporary truce would be 
just a “brief public relations ges- 
ture.” 

The Irish prime minister, Albert 
Reynolds, said in Dublin that he 
was disappointed 

Protestant politicians in North- 
ern Ireland called the brief truce a 


midnight Friday, April 8," it said. 

Sinn Fein’s leader, Gerry Ad- 
ams. called on the British prime 
minister for “direct and immediate 
talks” following the announce- 
ment. 

“I call upon John Major to au- 
thorize direct and immediate talks 
between our party and his govern- 
ment representatives so that the 
peace process can be moved for- 
ward," the leader of the IRA's po- 
litical wing said. 

He said the cease-fire offered 
“an important opportunity to 
break the stalemate in the peace 
process.” 

Mr. Major said only a permanent 
end to violence would suffice. 
“That is very much what I want, I 
believe it is what all people in 
Northern Ireland wish to see,” be 
said after arriving in Belfast, where 
he was to address busness execu- 
tives. 

“That is the message we wish to 
bear, not just a brief public rela- 
tions gesture.” he said. 

(Reiners. AFP ) 


Major’s Hold on Tories 
Shaken by EU Reversal 


By Barry James 

International Herald Tribune 

Prime Minister John Major of 
Britain faced a growing revolL 
Wednesday in his governing Con- 
servative Party after he was forced 
to back down in a dispute with 
other members of the European 
Union. 

Some members of Parliament 
and the predominantly pro-Ccn- 
servative press openly speculated 
that Mr. Major might soon be top- 


pled from within, just as he had 
nelped to oust his predecessor, 


helped to oust his predecessor, 
Margaret Thatcher. 

Tony Marlow, a vehemently 
anti-Europe member of Parlia- 
ment, called in Parliament for Mr. 
Major to “stand aside and make 
way for somebody else who pro- 
vides authority and direction of 
leadership." 

Mr. Marlow, who was also one of 
the first to call for Mis. Thatcher’ s 
resignation, said b a radio inter- 
view Wednesday that up to 70 Con- 
servative members of Parliament 
believed that Mr. Major was on the 
way out and were prepared to op- 
pose him. 

“I don’t see how he can go on 
much longer.” Mr. Marlow* added. 
“He has tost the confidence of the 
party” 

Analysts said that if the Conser- 
vatives did badly b local elections 
b the and June European elections, 
as expected, Mr. Major might not 
survive the summer. 

The new assault on the prime 
minister cobrides with the intro- 
duction of a tax increase that has 
wounded Conservative popularity. 

Analysts said Mr. Major had 
brought the trouble on himself. 
Last week be threatened all-out op- 


position to an EU proposal that 
would make it harder for individual 
countries to block Community leg- 
islation. In addition, be accused the 
leader of the opposition Labor Par- 
ty, John Smith, of bring “Monsieur 
Oui, the poodle of Brussels.” 

But at a meeting b Athens last 
weekend, Douglas Hurd the for- 
eign secretary, was forced to accept 
a compromise that gave Britain lit- 
tle of the veto power it had de- 
manded 

On Wednesday, the Daily Mail, 
usually a staunch Conservative 
supporter, ran a large front-page 
cartoon showing Mr. Major as a 
poodle bring led by Jacques De- 
ters. the president of the European 
Commission, who is mistrusted by 
the Conservative right The Mail 
described the government's retreat 
as a “surrender,” and said the 
prime minister was “isolated and 
stricken.” 

The dispute has baffled other 
members of the European Union, 
who argue that voting procedures 
must be streamlined because of the 


planned entry of four more mem- 
bers b the Community' next year. 


DEATH NOTICE 


Samuel P. LYON 

67, a director of Radio Free 
Europe fa - 30 years, 
died March 24, in Wakefield, Rl. 


Husband of Patricia F. Lyon, 
Ite is also survived |yy 
two daugtiiers, two sons. 
and nine grandchildren. 

He was buried in Shirley 
Center Cemetery, Shirley. Mass. 


bers b the Community next year. 
In other European nations, the 
controversy is presented as evi- 
dence of a crisis b the British gov- 
ernment rather than as a crisis in 
the Union, although the British 
stand came perilously dose to de- 
laying the entry of Finland. Swe- 
den, Norway and Austria. 

Mr. Major’s 40 months b office 
have been littered with political 
twists and turns. 

• He said he would keep a highly' 
unpopular poll tax, then scrapped 
it 

• He vowed not to devalue the 
pound, and devalued it six days 
later. 

• He introduced a much-ridi- 
culed “back to basics” morality 
campaign, then later denied be 
wanted a crusade on personal mo- 

[ rality. 

• He promised the government 
was not planning to raise taxes, 
then presided over one of the big- 
gest set of tax increases since World 
WarW. 

• He declared the government 
would never negotiate with Irish 
terrorists, two weeks before it was 
revealed that such negotiations had 
been taking place for three years. 




THE MONKEY INTRODUCED HIMSELF TO 
THE ASTONISHED GUESTS by swinging from 
tree to tree in the lush tropical gardens beneath the 
balconies of their first floor suites. He made his 
surprise appearauce last month, and has reputedly 


now made Raffles 




Hotel his home. 


A KAlfLlI INTMNATIOMiL HUTElS 


IELi <4S| JJ7 | Uft FAT: l Hi Ji* »M 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, MARCH 31, 1994 


propaganda ploy designed to sug- 
gest the IRA was seriously seeking 
peace. 

The IRA statement, issued 
through the group’s political wing, 
S inn Fein, said the unconditional 
truce was meant to reaffirm its de- 
size to promote the quest for peace. 

“As further evidence of tbs. ye 
will unila terally suspend offensive 
militar y action for 72 hours from 
midnight Tuesday, April^ 5 until 






j-ff v ^ 

-fewbf "A, ' 






* "Sgl 

Jjll 

in&. Ji**: 






; 


Ram D wipw .'Tk Aaoomd Picb 

A Mexico City resident reading a newspaper whose headline leaves no doubt about the governing party’s choice for president 


For Mexico’s New Candidate, a Big Leap 


By Guy Gugliotta 

Washington Pmt Service 

MEXICO CITY — He was not the peo- 
ple’s choice, because the people hardly know 
him. He was not the party’s choice, because 
he wasn't an old poL But he was the presi- 
dent's choice, and b Mexico, b the end. that 
is all that matters. 

So Ernesto Zedillo Ponce de Leon, 41 a 
career bureaucrat with a doctorate from Yale 
b economics and a practically nonexistent 
public profile, became the presidential can- 
didate of the governing Institutional Revolu- 
tionary Party. 

Mr. Zedillo is an accidental candidate, 
picked after his predecessor. Luis Donaldo 
Cdosio. was assassinated at a campaign rally 
b Tijuana last week. Mr. Zedillo was Mr. 
Colosio's campaign manager. But accidental 
or not, Mr. Zedillo is the instant front-runner 
in the race for one of the most powerful 
elected offices in the world. 

Critics dismiss him as a rather colorless 
technocrat and indifferent public speaker, 
but friends know him as a loyal solder, an 
efficient bureaucrat and a valued member of 
President Carlos Salinas de Gortari's eco- 
nomic brain trust. 


Mr. Zedillo’s job wiD be to convert this 
mi xed bag of q ualificatio ns info a winning 
candidacy. If he cannot do it. Mr. Salbas will 
have to decide whether to replace him, let Mm 
lose or ensure his victory with the strong-arm 
tactics that have won international notoriety 
for his pariv. known bv rts Spanish initials 
PRI. 

Mr. Zedillo's strongest suit gobg bto the 
campaign is his link to the successes of the 
Salmas government, given credit for opening 
the Mexican economy and bringing the na- 
tion from the brink of bankruptcy to a full 
partnership b the North American Free 
Trade Agreement 

Mr. Zedillo served Mr. Salinas as both 
budget and education secretary. That is why 
Mr. Salinas wanted Mr. Zedillo, and that is 
why he picked him. And that b part is why 
factions of the PRI do not like him. 

Mr. Salinas listened to several unpleasant 
days of private grousing and pobbe state- 
ments from various groups in the PRI about 
how he should “democratize the party.” Then 
he picked Mr. Zedillo anyway, and the PRI 
endorsed him with scarcely a murmur b 
about four-and-a-half hours of neatly choreo- 
graphed succession ritual, culminating with 
Mr. Zedillo's own brief remarks. 


The candidate wfil have to overcome tire 
resentment that these presidential power- 
plays inspire. Mr. Zedillo also will have to 
endure the feelings expressed b some PRI 
circles that he is just another U ^.-educated 
egghead who has never run for political office 
or hung out at party headquarters. 

This does not mean he cannot learn the 
game. He sounded just right to his short post- 
nomination speech, repeatedly bvoJring Mr. 
Colosio's name and stan dbg’ before a giant 
mmpaign portrait of the dafn leader. 

“We will not initiate a new campaign.” Mr. 
Zedillo said. “We will continue.” 


Mr. Zedillo was bom b Mexico Gty on 
Dec. 27. 1951. the son of a construction 
foreman and a schoolteacher. He joined the 
PRI b 1971 and held various bureaucratic 
posts b PRI governments until Mr. Salinas 
tapped him as budget secretary b 1988. 

What political experience he obtained be- 
gan when be took over as education minister 
b 1992, began modifying the curriculum and 
got into a fight with traditional groups in 
Mexico over changes b history bookk 

He weathered this storm and to November 
resigned to run Mr. Colosio's campaign. 


Balladur, Trying to Stifle Protests, 
Revokes His Youth Job Plan Decree 


By Alan Riding 

New York Times Semce 

PARIS — Hoping to forestall 
new student protests called for 
Thursday, Prime Minister Edouard 
Balladur on Wednesday revoked a 
government decree allowbg young 
people to be paid less than the 
minimum wage and proposed in- 
stead that employers be rewarded 
for hiring those under the age of 25. 

Thrown onto the defensive by 
three weeks of angry demonstra- 
tions, Mr. Balladur had suspended 
the decree for a week to allow time 
for a new policy to be drawn up. 
But students continued disruptive 
protests b many cities to press 
their demand for the decree’s for- 
mal withdrawal. 

With students preparing a new 
mass demonstration here Thurs- 
day, the announcement from Mr. 
Bahadur's office had every appear- 
ance of being rushed, not least be- 
cause talks between a top govern- 
ment official and representatives of 
students, trade unions and employ- 
ers had barely begun. 

While loudly proclaiming vic- 
tory, however, many student lead- 
ers said Thursday's protest should 


go ahead as planned to underscore 
young people’ s demand for assured 
employment when they complete 
their studies. At presenL one b 
four French people under the age 
of 25 is out of work. 

The three-week-old dispute has 
proved cosily to Mr. Balladur, 
whose popularity rating has fallen 
sharply for the first time since he 
took office one year ago. Having 
abandoned policies b face of street 
protests on two earlier occasions, 
his latest retreat has added to an 
image of weakness. 

Further, while intended to create 
job opportunities, his decree lower- 
ing the minimum wage for young 
people has had the effect of awak- 
ening a long-docile and apolitical 
student population to tire frustra- 
tions and difficulties that await 
them on the job market. 

The so-called youth wage — 
varying between 30 percent and 80 
percent of the $ 1,000 monthly 
minimum wage, dependbg on 
qualifications, had been designed 
to encourage employers to hire 
young people at a time many were 
lookbg to cut costs and shrink 
their staffs. 


On Wednesday, the government 
said it would instead pay compa- 
nies the equivalent of S175 per 
month for nine months for every 
young person given his or her first 
job. Describing tire plan as “an 
bcentive to anticipate the emerg- 
bg economic recovery,” it added 


Malaysia Lite 
'Schindler’ Ban 
But Wants Cuts 


that the subsidy would be S350 per 
month for every job created before 


month for every job created 
Oct. 1. 


Michel Bon. the head of the Na- 
tional Employment Agency who 
was given the job of finding a sub- 
stitute for the youth wage, said the 
program could help as many as 
500,000 youths and would cost 
around $1 billion b 1994 alone. 
The government is already strug- 
gling with a $50 billion budget defi- 
cit this year. 


Reuters 

KUALA LUMPUR — Ma- 
laysia lifted its widely criti- 
cized ban ot the Oscar-win- 
ning Holocaust film 
“Schindler's List” on Wednes- 
day, but it remained uncertain 
if the movie would be 
screen ed. 

Deputy Prime Minister An- 
war Ibrahim said ministers 


agreed at the weekly cabinet 
meeting to allow the film’s 


meeting to allow the film’s 
screening b accordance with 
normal guidelines. These 


The apposition Socialist Party, 
lookbg to revive itself after being 
drubbed b parliamentary elections 
last March, has jumped at the 
chance of exploiting the govern- 
ment's embarrassment. Jean Gla- 
vany, the party’s spokesman, de- 
scribed Mr. Bahadur's policies as 
“three steps forward, three steps 
back.” 


and violence to be censored, 
government sources said. 

Roger Pollock, managing 
director of the film’s local dis- 
tributors. United Internation- 
al Pictures, said b Singapore 
that the director, Steven Spiel- 
berg. did not want any cuts. 

Mr. Anwar said the cabinet 
decision “is b keeping with 
the government's consistent 
opposition to all forms of sup- 
pression, oppression and 
atrocities, past and present.” 


W 


WOULD BRIEFS 

Fears Attack on Israel Embassy 


f 


tit °! 1 


centers, officials said Wednesday. j f j/J 

The Israeli Embassy was guarded by an addinonal rordon^police for lf|H 
a second day in a row. Police spokesmen said they had neooved mfonna- \ 
tion on a plot by an undisclosed terrorist group from the Mideast. -j * x f { i \ } 

Security also was boosted at the Jewish community's headquarters in - A |U ;1 
Frankfurt said Mtefael Friedman, a spokesman there. Mr. Fnedman # -,jl 
would not disclose the nature of the threat but suggested that the police 
had uncovered plans for a bombing attempt 


Guatemala and Guerrillas Sign Pact 


MEXICO CITY (WP) — The Guatemalan government and a coalition 
of four guerrilla groups have signed three United Narions-brokered peace 
documents designed to end Central America s oldest armed conflict. 

The agreements, signed at the Mexican Foreign Ministry by tire 
rtnafwimian government and the guerrillas, include commitments to 
human rights monitoring and guerrilla demobilization, le adi ng to a 
“lasting peace agreement” by die end of the year. The third document is a 
joint statement 

Sources said the key to breaking a three-year impasse in the talks was 
the guerrillas’ willingness to separate creation of a “historical elucidation 
commissi on” from the rest of tne pact The co mmiss ion was to investigate 
past human rights abuses, a large number of than committed by govern- 
ment security forces or government-sponsored irregulars. 


Ge rman Right Wants Jew Charged 


BONN (Reuters) —A second German rightist party said Wednesday it 
wanted prosecutors to charge a Jewish leader. Ignatz Bubis. with racism 
and sfa n d er for accusbg rightist groups of fueling neo-Nazi violence. 

The National Democratic Party said it had filed a request for charges 
with Frankfurt prosecutors on Tuesday, the same day similar charges 
from another rightist leader were rejected by prosecutors b nearby 
Mainz. 

The moves were part of a dispute between Mr. Bubis, head of the 
Central Council of Jews in Germany, and rightist parties after tire 
firebombing last week of a synagogue b Ltibeck. the first such attack in 
Germany since the Nazi era. Mr. Bubis last week accused rightist parties 
of being the “spiritual arsonists” behind the firebombing. 


Japanese Court Upholds Gay Rights 


TOKYO (Reuters) — A Japanese court, making the nation’s first’ 
ruling on gay rights, found Wednesday that Tokyo’s education board had 
acted illegally when it barred a group of homosexuals from staying at a 
dty hosteL 

The Tokyo District Court ruled that such a ban deprived homosexuals 


of the right to use a public facility and violated the principle of human 
rights enshrined b the constitution. It ordered the board to pay the 


rights enshrined b the constitution. It ordered the board to pay the 
plaintiffs 267,200 yen (about $2,600) b compensation. 

“Today's ruling dearly stated the rejection by the Tokyo government 
was illegal and the discrimination is unftHgivable, ” said Takashi Kazama, 
26, one of the three plaintiffs and a member of Japan’s only association 
for homosexual men and women, called Occur. The municipal govern- 
ment had said it barred members of the group from the hostel in May 
1990 for the same reason it banned mixed-gender groups from staying 
overnight b the same zoom. 


llt'ti i 


TRAVEL UPDATE 


>jitrd 1 


EU Duty-Free Allowances to Increase 


BRUSSELS (AP) — Increased duty-free allowances for travelers 
entering the European Union, and for commuters within the 12-nation ■ 
trade bloc will take effect Friday, m time for Easter holidays. ;■ 

Under rales agreed by EU governments b February, people arriving • 
from non-EU countries may bring 175 European cuirenqr units ($200) '* 
worth of duty-free goods bto the Union. That is nearly four times the j; 
current allowance of 45 Ecus, established b 1981. r 

The allowance covers not only items bought at airport duty-free shops, 
bul also any shoppbg done abroad, even if the customer had already paid 
sales or value-added taxes on die purchases. 


A ballet grazed a German tourist Tuesday in SL Thomas, the latest sign 
of a crime wave threatenbg tourism b the U.S. Caribbean possession. 
The tourist was hit when his bus passed a McDonalds restaurant where a 
fight among students was taking place, (be police said. (AP) 


. Northwest Airlines and KLM Royal Dutch Airlines said they would add 
almost 50 percent more seat capacity on their daily flights to Amsterdam 
from Minneapolis-StPaul and Boston to meet strong demand. (Reuters) 


Five British atrimes caffed for investigations by the European Commis- 
sion bto links between British Airways and the Galileo computer 


reservation system, which they fear are- giving the carrier a competitive 
edge- Air UK, British Midland. Jersey European Airways, Loganoir and 
Manx Airibes said the relationship between the system and its participat- 
ing airlines should be made dearer to customers. (Reuters) 


Norway is planning to scrap an ancient refigpow ban on dancing at 
Easter. “We plan to put a proposal to parliament later this spring to end 
the restrictions,” said Ok Herman Fisknes of die Ministry of Education. 
Research and Church Affairs. A 1965 law in Norway, updating 1735 
decrees about keeping the Sabbath holy, outlaws danring b public 
bingo, cinemas, circuses, cabarets, pop concerts and ice fishing contests at 
Easter. Christmas and other religious holidays. (Reuters) 


Vietnam has cut the time taken to travel the Reunification Express from 
Hanoi to Ho Chi Mirth City to 36 hours, down by half b five years, the 
Vietnam News Agency reported Wednesday. Rail authorities have invest- 
ed S3.64 million to upgrading the tine. (AFP) 


North Korea has wspended Rs visa service m the Portuguese enclave of 
Macao for reasons unknown and is advising travelers to apply b Beijing 
instead, the news agency Lusa said Wednesday. (AP) 


Mandela Rides Out Vote Delay and Urges Natal Intervention 




Compiled fh‘ Our Staff From Dispatches 
JOHANNESBURG — Nelson Mandela 
said Wednesday there was no possibility of 
delaybg South Africa’s first all-race elec- 
tions to meet the demands of the lnkatha 
Freedom Party and the king of the Zulus. 

“Any attempt to postpone be elections 
or drown them b blood cannot be counte- 
nanced," the African National Congress 
leader said to a speech read on his behalf at 
a business meeting b Johannesburg. 

He made no specific reference to the 
carnage b Johannesburg, where 53 people 
were killed Monday b violence linked to a 
Zulu march b support of demands by the 
Zulu king. Goodwill Zwelithini, for a sov- 


ereign state b Natal Province and the ad- 
joining KwaZulu homeland. 


recuperating from laryngitis and could not 
deliver his address. 


Mr. Mandela said action was necessary 
to provide security b Natal Provbce, 
where at least 274 people have been killed 
in political violence this month. 

“Decisive steps need to be taken without 
delay," Mr. Mandeb said. “The South Af- 
rican government should exercise its juris- 
diction to end the carnage and ensure nor- 
mal political activity." 

“If the forces of peace act together," he 
said, “we might yet be saved from what 
would be a mutually debilitating conflict.'' 

The ANC said Mr. Mandela. 75, was 


The Transitional Executive Council 
which is overseebg preparations for the 
April 26-28 elections, gave its approval 
Tuesday for the government to declare a 
state of emergency in Natal. 

King Zwelfrhini and the Inkarhn leader. 
Chief Mangosuthu Bulhelezi, are demand- 
ing an autonomous state b Natal and 
KwaZulu, heartland of South Africa's 8.5 
rmWm n Zulus. 


Mr. Mandela said the ANC was “very 
apprehensive about the unfolding events" 
b the province. The group says rampant 


violence is making it impossible to have 
free and fair political activity. 

“As everywhere else," he said, “we 
would prefer the administration to accept 
the people's tight to express their political 
views other way.” 

Chief Buthdezl who accused the ANC 
of planning the deaths of Zulu marchers 
during the violence to Johannesburg and 
its satellite townships Monday, has warned 
of more unrest if the elections go ahead to 
the province. 

Five ANC members were executed over- 
night after trying to hold peace talks in a 
hostel controlled by lnkatha, the police 
said Wednesday. The talks were taking 


place b KwaMasbu, a black township out- 
side Durban 

Jabubni Shi be. 27, a member of the 
ANC group, said the five ANC members 
were killed by three men who said they 
were avenging the deaths of the Zulus on 
Monday. 

He said be was b a group of seven men 
wbo were driven away from the hostel to a 
van. The attackers halted the vehicle and 
ordered the vic tims out one by one. Mr. 
Shi be said he fell into a ditch after a bullet 
grazed his skull. 

As the others left the truck, “the men 
shot them b the head,” he said. 

{Reuters. AP J 


x \^ $■ \ a* 

\X 


\ 


With MCI CALL USA and MCI WORLD REACH services, 
reaching around the world has never been easier. 


To reach around tne world, use your MO Card or call collect. 0 Just select the number next to the country you’re calling from. An Englrsh-SDeakine 
operator will put your call through to anywhere in the 50 States as well as a growing list of participating World Reach countnesf 



x 


Austna 

Belgium 

Bolivia 

Brazil 

Chile 

Colon fiia 

Cyprus 
Czech Rep 
Denmark 

Donumcui Republic 

•CouniTv-ro , 

Wien 

k. 


022-903 012 

Ecuador 

170 

Italy 

172-1022 

078-11-00 12 

Egypt’ 

555 5/70 

Kenya - ' 

080011 

0-800 2222 

Finland 

9800 -102-80 

Kuwait 

800 -MCI 1800-6241 

000- 8012 

France 

19*00-19 

Lebanon 

425-036 

00-0316 

Germany* 

0130 0012 

Mexioafo 

95 800-674-7000 

980 16-0001 

Greece 

00 800-1211 

Netherlands 

06*022-91 22 

080-90000 

Hungary 

OCr-SOO-OWl 

Norway 

050 0912 

00 42 000112 

India" 

000 127 

Peru 1 

001 190 

8001-002? 

Ireland 

1800 561 001 

Poland 

0*01-04-800-222 

1-800-751-6624 

Israel 

177150-2727 

Portugal 

05 0171254 


Saudi Arabia 

Slovak Rep 

Span* 

Sweden 

Switzerland 

Turicev 

UAE 


1-800-11 
00-42-000112 
900-99- OOK 
020 795-922 
155-0222 
99 800HI77 
800-111 


United kingdom 0800-89-0222 

8Uin-UU.v ireiara i-buu»i-uui raanu crui-iKi-wju-^^ Uruguay Oi20 *112 

I -800-751 -662 1 * Israel 177 150-2727 ftviugal 05-0171254 Venezuela’ 800-1114-0 

cj‘.ir»g may not be avanane to A from art MCJ laU USA kv.muns Ceram rcvrcions apply -wai lor second dial uoe "AvOiUfe from most m*or ones 
di-jbw outvie rj c 4*0. -id CO f.rsi ‘Win*! ,li«ng oui'Jde uHnu ir*> ooresi number r. 190 -Umeeo analabdiy “Collect calls to US only 
Some reunifies Dutf*. |/wk may require ikrpoMi ot com or phow card lor dia> r.nfci "^Serace from public telephones may belmreri 
Pare j epenas cm •■*>> nntpn m Mrera "Sowf AaMfr on ■» irmeU i«>js m cistern Cermtn it' MCI imeinjionai lac. r$9J 
MO Wgo Jtn ail other MCI products » *J series nyjrtioneiJ twin jio propneLuv rafts or MO Ccareftmicaimns bvpcnnon 


For heaven’s sake, Grace, I know it’s easy. 
But ya gotta stop talking up a storm. 



MCI 


Printed hi XeHVtux International, Lnndun Registered as a neimpaper at the pot nfficc. 










' . H, 


TIJ E AMERICAS / 


INTERNATIO NAL HERALD TRIBUNE, THURSDAY. MARCH 31, 1994 

» £•? £.’• S"’. F wESs 

£:■ K 


Page. 3 


. " : '-l t 1 ' 






ril ‘ Sew Char, 


• "c. 


jh«ild>GavRs 


yRijfc 


C: 




1 


£- k_ tk. gang 



Out of the Budget Trenches 
And Into a War on Poverty 

Bui Clinton Team Keeps the Figh t Low-Key 


By Jason DeParle 

,Vek- Pori Timrs Service 

WASHINGTON — The Clin- 
ton administration has em- 
barked on the most energetic 
anti-poverty effort in a geaiera- 
tiou, but it has deliberately done 
much of it so quietly that few 
people have noticed. 

In an era of painfully light 
budgets, the administration has 
added tens of billions of dollars 
to existing programs, a major ex- 
ample being the J21 billion ex- 
pansion of tax credits for low- 
wage workers. 

The administration also has 
created a host of new bousing, 
training and community devel- 
opment programs, which cos t 
less than the Lax credits but could 
set new policy directions for the 
poor. And while its plans to over- 
haul welfare and health care face 
significant hurdles in Congress, 
they would both be landmark 
anti-poverty efforts. 

In another era, a Democratic 
White House might have pointed 
to such efforts to advertise its 
concern for the needy. But loath 
to invite unflattering compari- 
sons to past efforts Clinton offi- 
cials take the opposite tack, 
bending over backward to frame 
their actions as pan of an effort 
to help the broad middle class. 

While mentioned often, for in- 
stance, the tax credit program 
was framed more as an effort to 
help working Americans than as 
a major onslaught against pover- 
ty 

In talks with a half-dozen top 
anti-poverty officials, the word 
“poverty” scarcely comes up. In- 
stead there is talk about “chil- 


dren," “work" and “empower- 
ment,” 

“We don't term things a lot 
around here as anti -poverty," 
said Carol Rasco, the White 
House domestic policy adviser. 
But from the get-go we've talked 
about work." 

With near unanimity, admin- 
istration officials said it would 
be counterproductive for Presi- 
dent Bill Clinton to *-niL- too 
much about the poorest Ameri- 
cans, particularly the black and 
Hispanic residents of violent 
ghettos. 

The negative imagery associat- 
ed with the “war on poverty” 
under President Lyndon B. 
Johnson is so great that most 
anti-poverty strategists endorse 
the middle-class wrappings, with 
only an occasional complaint 
that the nation is ignoring its 
racial and class conflicts. 

The caution is not absolute, of 
couth; and it may haw started 
to give way. Mr. Clinton gave a 
major speech abouL poverty and 
violence in November in Mem- 
phis. Tennessee, and he returned 
to the theme of ghetto poverty in 
February when he visited a ju- 
nior high school in Washington. 

Beginning on Wednesday, a 
series of cabinet officials out- 
lined efforts at a conference here, 
sponsored by the Department of 
Housing and Urban Develop- 
ment, for about 2,000 people 
who run housing and develop- 
ment programs. 

In videotaped remarks, the 
president will praise their efforts 
"to battle poverty and cyni- 
cism.” And a draft of the keynote 
address, by Vice President A1 
Gore, indicates that he will use 


the speech to define the adminis- 
tration's urban agenda. He ar- 
gues that the programs amount 
to a “powerful approach to 
breathe new life into distressed 
communities.” 

Henry Cisneros, secretary of 
Housing and Urban Develop- 
ment, calls the conference a com- 
ing-out party of sorts for the ad- 
ministration's "urban, 
community and anti-poverty" 
policies. “It marks a maturation, 
so the country can see the way 
the president's plan comes to- 
gether,” he said. 

The list of initiatives is long 
and varied. Some programs fo- 
cus on needy places, like the plan 
to spend S3 billion over five 
years on empowerment zones, 
the program wall give tax breaks 
and grants to 10 poor neighbor- 
hoods with promising revitaliza- 
ton strategies. 

Other programs seek to help 
needy people regardless of where 
they live. That is the case with 
the earned income lax credit, 
which gives cash payments of up 
to S3, 370 a year for families with 
incomes from $8,400 to $11,000. 
The payments phase out Tor fam- 
ilies with higher incomes, ending 
for those who earn more than 
$27,000. 

TTie administration also is 
spending an additional $2.5 bil- 
lion over the next five years on 
food stamps, $580 million on 
vaccinations and $1 billion for 
programs to prevent foster care. 
Its welfare proposal still in draft 
form, seeks to spend $15 billion 
over five years for education, 
child care and work programs, 
though its financing remains un- 
certain. 


6 Women-Friendly’ Congress? Still 6 a Ways to Go’ 


By Kevin Merida 

Washington Post Serna 

WASHINGTON —They have been mis- 
taken for congressional aides, denied access 
to membere-ouly elevators, kept out of intel- 
ligence briefings and belittled by some of 
thor male peers. 

Amid the excitement about the record 
number of women elected to the 103d Con- 
gress, some female legislators say they are 
frustrated by the male-dominated Washing- 
ton culture, and it is complicating their work 
as legislators. 

Though this frustration has been ex- 
pressed before, a new book by a freshman 
representative, Marjorie Margolies-Mez- 
vinsky. Democrat of Pennsylvania, and a 
recent episode involving Representatives 
Fortney H. (Pete) Stark J„ Democrat of 
California, and Nancy L. Johnson, Republi- 
can of Connecticut, have fueled talk about 
whether women are properly respected in 
Congress. 

“I think it's much more women-friendly 
than it possibly was," said Dianne Feinstein. 
a first-term senator from California. “But I 
think it has a ways to gp.” 

In her book, “A Woman’s Place — The 
Freshmen Women Who Changed the Face of 
Congress,” Ms. Margoties-Mezvinsky says: 


“While I think we've all made dents in differ- 
ent ways, there’s just no question that it's a 
male bastion and we're still being treated as 
pari of the periphery " 

Since 1916, when Jeannette Rankin, a Re- 
publican of Montana, became the first wom- 
an elected to Congress, 163 women have 
served in the House and Senate — out of 
more than 1 1,000 lawmakers who have been 
sou to Washington. 

Fifty-five women now are serving, a re- 
cord number, compared with 31 two years 
ago. Still women make up only 10 percent of 
the membership, and some say that their 
credentials as legislators have not insulated 
them from the kind of male insensitivities 
that women confront everywhere. 

During a recent bearing on health care of a 
subcorniuee of the House Ways and Means 
Committee, the pond's chair man, Mr. Stark, 
suggested that Mrs. Johnson had obtained 
ha knowledge of the issue through “pillow 
talk” with ha husband, a physician. 

Mrs. Johnson, one of ibe Republican Par- 
ty’s leading heaJth-care experts, bad dis- 
agreed with a provision in Mr, Stark's health 
plan. He later apologized to her for his re- 
mark, and she dropped the matter. But sever- 
al of her Republican female colleagues re- 
fused to let it go. 


“It is something that's bigger than Ms. 
Johnson," said Deborah Pryce of Ohio, who 
said the apology did not' go far enough. 
“When it's said in a public hearing to a 
woman, it denigrates all the women in the 
House and all the women in America. This is 
the kind of thing we just need to be vigDanl 
about." 

Ms. Ptyce, a new Republican member, got 
34 colleagues to sign a letter to Mr. Stark 
demanding a public apology “to remove the 
intimidating cloud of sexism that darkens 
your controL” 

Mr. Stark refused to comment further on 
the incident or the letter. Not a single Demo- 
cratic woman signed the letter, angering 
some Republican women. Some Democratic 
women said they had not seen Ms. Pryce’s 
letter, others said they thought Mr. Stark's 
apology had made the letter pointless. 

Female lawmakers of both parties often 
are reluctant to use the charged word “sex- 
ism” when describing the slights and insults 
they have absorbed. But they have stories. 
Many are chronicled in Ms. Margolies-Mez- 
vinsky’5 book. 

Representative Elizabeth Furse, Demo- 
crat of Oregon, a member of the Armed 
Services Committee, relates how she has 
been stopped “by people in uniform” when 


she tried to enter closed intdtigeace brief- 
ings. Representative Maria Cantwell, Demo- 
crat of Washington, recounts how a lawmak- 
er she did not know approached her during a 
House session and said he was about to have 
ha “thrown off the floor” until he realized 
she, loo, was a lawmaker. 

Ms. Margoties-Mezvinsfcv takes Repre- 
sentative James M. Inhofe, Republican .of 
Oklahoma, to task in the book for publicly 
referring to ha as “that three-M girl” She 
describes the reference as “demeaning and 
pathetically behind the times." 

“It's very obvious die is a female,” Mr. 
Inhofe said in an interview. “A female is a 
girl. I am a boy. I don't know what's offen- 
sive about that." Rushing into the House 
chamber for a vote, he added: “There is still 
despite what they say, a difference between 
girls and boys. Write that down.” 

Representative Patricia Schroeder, Demo- 
crat of Colorado, who is serving ha 21sl year 
in Congress, remembers when a committee 
chairman told ha that “if I would use my 
uterus rather than my mouth I could get 
more of my amendments passed.” 

Compared to that, she said, the comments 
of Mr. Stark and Mr. Inhofe seem like pro- 
gress. “Things aren't perfect," she said, “but 
they’re moving in the right direction.” 


William H. Natcher, 84, 
Congressman, Is Dead 


I 1 ATE 


t'AliiW 


r* U i In- 


Swamped by Backlog, U.S. Sets Plan 
To Speed Up Political- Asylum Process 


»'N 


J. 


By Roberto Suro 

Washington Past Service 

WASHINGTON — Asserting 
that the political-asylum system is 
suffering massive abuse, the Clin- 
ton administration has announced 
a package of measures designed to 
produce such strict and swift judg- 
ments that it will deter, many from 
filing fraudalait claims. 

Officials acknowledged this 
week that the asylum system might 
remain swamped under a backlog 
of cases unless the new measures 
produced a dramatic reduction in 
the number of new applications. 

"That is policy-making by pious 
hope because the system will re- 
main open to abuse even as it re- 
treats from the humanitarian spirit 
of asylum.” said Arthur C. Helton, 
director of migration programs at 
■ the Open Society Institute. 

He was one of several critics who 
- argued that the administration's 
plan is based on unrealistic as- 
sumptions and unnecessary restric- 
tions. 

Under the new roles, asylum 
seekers can be denied the right to 
plead their cases in personal inter- 
views if asylum officers decide they 
are making “frivolous" cases on the 
basis of written applications. They 
would then be put into deportation 
hearings. 

No definition of “frivolous” is 
included in the new regulations 
. that go into effect after a 60-day 
comment period. 

Applicants who do get an inter- 
: view will either be granted asylum 


within 60 days or referred to an 
immigration judge under the threat 
of deportation. Anything the appli- 
cants say in the interviews, such as 
describing bow they got into the 
country, can be used against than 
to justify deportation. 

Other aspects of the package pre-, 
viously disclosed by the adminis- 
tration Include a new $1 30 applica- 
tion fee. 

“The problem we have faced in 
recent years is that people with no 
legitimate claim to asylum are ap- 


plying in record numbers, some 
brought by smugglers, some using 
fake documents, and some over- 
staying the visas granted to them as 
visitors,” said Doris Meissner, 
commissioner of the Immigration' 
and Naturalization Service. 

It now takes from 18 to 24 
months on average to process an 
asylum claim, and recently the asy- 
lum system has been adding almost 
three cases to the backlog for every 

one it resolves, bringing the current 
backlog to about 370,000 cases. 


The Associated Press 

WASHINGTON — Represen- 
tative William H. Natcher, 84, a 
Democratic lawmaker who earned 
a place in Ibe Guinness Book of 
World Records for his unbroken 
string of (8,401 votes in Congress, 
died Tuesday of heart failure. 

The Kentucky congressman’s 
death “was peaceful and in the 
company of his family and 
friends,” according to a statement 
from his office. 

Mr. Natcher was chairman of the 
House Appropriations Committee, 
which controls most discretionary 
spending. His record 40-year string 
of consecutive floor votes ended 
March 3 when his failing health 
prevented him from reaching the 
CapitoL 

A day earlier, he was wheeled 
onto (he House floor on a gurney 
for what would be his final vote, 
hooked to an oxygen bottle and 
intravenous lubes. 

His record of consecutive voles 
and quorum calls ^ him an 
entry in the Guinness Book of 
World Records. The House halted 
business to honor him when the 
voting streak hit 18,000 in June. 

In an effort to allow him to con- 
tinue his streak. House leaden 
postponed business March i. The 
day he missed voting, President Bill 
Clinton visited him in the hospital 
and presented him the Presidential 
Citizens’ MedaL 

In his appearance and his ac- 


tions, Mr. Natcher always ap- 
proached Congress with the seri- 
ousness and awe he brought with 
him when he first arrived there at 
45. on Jan. 6, 1954. 

In 40 years on Capitol Hill he 
never took a campaign contribu- 
tion, filmed a political advertise- 
ment or even hired a press secre- 
tary. 

Albert Goldman, 66, 
Biographer of Presley 

New York Times Service 

Albert Goldman, 66, the author 
of no-holds-barred biographies of 
Lenny Bruce. Elvis Presley and 
John Lennon, died Monday of 
heart failure while traveling from 
Miami to London. 

Mr. Goldman's “Elvis” { 1981), a 
long work written in a super- 
charged. impressionistic style, pro- 
voked outrage from fans of the 
rock legend, who saw their idol 
portrayed as a self-indulgent, bare- 
ly talented rube with perverse sexu- 
al inclinations and a gargantuan 
drug habit. 

Mr. Goldman was born in Dor- 
mom. Pennsylvania, and grew up 
in Mount Lebanon, Pennsylvania. 

“Ladies and Gentlemen, Lenny 
Brace!!.” which was published in 
1974, won praise for its portrait of a 
complex and difficult mao. 

His next biography, on John 
Lennon, would be different, he 
said, adding, “John Lennon was 
my idol in die rock world." 



M Mittfadl-Rrma* 


RUNNING — James B. McDoogal speaking to reporter? in Little Rock this week before he. 
announced his bid for a seat in the UJS. Congress. The Arkansas partner of the Clintons in the 
failed Whitewater real estate deal said the controversy “revitalized” lam after years of problems. 


Keepers of Secrete Fight the Light 

WASHINGTON — The CIA and other national-secu- 
rity agencies are protesting a draft presidential directive 
that would make public within four years millions of 
documents stamped secret during the 1950s and 1960s, 
according to senior UJS. officials. 

The unpublished directive is intended to fulfill a cam- 
paign promise by President Bill Clinton to promote a 
more open style of govonmem and increase public access 
to federal documents. It would limit the types of docu- 
ments that can be kept secret and, for the first time, 
require automatic declassification at intervals of either 6, 
10 or 25 years. 

The draft, prepared by the National Security Council 
staff and circulated two weeks ago to senior officials 
throughout the government, has won some praise from a 
handful of indepeudeat experts on government secrecy 
who are privy to its contents. 

“It reflects a serious, good-faith effort to open up the 
national-security bureaucracy,” Steven Aftergood, an an- 


POLITICAL NOTES 


alyst at the Federation of American Scientists, said Tues- 
day. 

But the draft is r unning into opposition from some of 
the officials who now handle classified documents, 
sources said. Lawyers at the CIA and the departments of 
Justice, Defense and State are all said to be drafting 
detailed complaints and have been asked to submit their 
responses to the White House within the next two weeks. 

“All of them have indicated there are issues they want to 
talk about,” said a White House official who added that 
only the Department of Energy has not signaled any 
substantial concern. 

The draft reflects a While House tilt' toward greater 
openness since last year, when two earlier drafts were 
sharply criticized as too restrictive- (WP)' 

Frustration lor Environmentalists 

WASHINGTON — Disappointed by an administra- 
tion and a Congress that they had hoped would be better 
allies, lobbyists for major environmental organizations 




have reluctantly agreed to narrow their rights and choose 
their battles more carefully. 

The groups had high expectations last year for tougher 
laws in many areas, including toxic wastes, mining, water, 
pesticides, wilderness preservation and endangered spe- 
cies. 

But many glumly admitted, as lawmakers left Washing- 
ton for a two-week recess, that much of the legislation was 
gang nowhere fast, and that they were now resigned to 
gaining far less this year than they had expected (NYT) 


Quote / Unquote 


Representative Robert G. Torricelli, a New Jersey 
Democrat, contending that increasingly favorable ratings 
of the Democratic Party stand in contrast to the continu- 
ing hostility of many voters to elected officials: “Some- 
thing seemed to change almost permanently between the 
fall of Jim Wright and the House bank scandal: the tone of 
public discourse was altered" (Wp) 


Away From Politics 


• The Cable News Network founder, Ted Turner, dismissed concerns 
that CNN might compromise its coverage of China after a compet- 
ing network decided to withdraw BBC broadcasts from China in an 
apparent move to mollify Beijing. Mr. Turner, in Tokyo on a tour of 
Asia, pointed lo CNN's aggressive coverage of the 1989 military 
crackdown on pro-democracy protesters in China. "We stayed there 
and televised until we were unplugged forcibly be said. “A few 
weeks later we were welcomed back in.” 

• Pofice have a videotape recorded by a cash machine security camera 
of the carjacking and murder of two 19-year-old Japanese students at 
a supermarket parking lot in Los Angeles. The police declined to 
comment, but a bank spokesman said the students and whoever 
attacked them could be seen on the footage. 

• Although most parents are advised to get their babies to deep in 

their own cribs as soon as possible, a new study suggests that it may 
be healthier for the infants to sleep with their parents. The study, 
directed by Dr. James J. McKenna and Dr. Sarah Mosko of the 
University of California at Irvine, monitors the sleep patterns of 
mothers with their 3- month-old babies. “When sleeping alone, 
babies sleep too long, and in much too deep of a sleep,” Dr. 
McKenna said ap. afp, .v >t 


BOOKS 




I RAGE AND FIRE: 

A Life of Loniee Colet, Pio- 
neer Feminist, Literary 
■ Star, Flaubert’s Muse 

- By Francine du Plessix Gray. 
' 432 pages. $27.50. Simon & 
Schuster. 

Reviewed by 
•• Isabelle de Courtrvron 

Flaubert was writing 

, . “Madame Bovary" in the 
early 1850s. he chronicled this ar- 
duous, painstaking process m a re- 
markable series of letters to his 
lover, Louise ColeL He also ad- 
dressed to her his reflections on UK 

craft of literature » 

his work must be like God m me 
universe, everywhere present and 
nowhere visible") — maxims that 
have become sacred to generations 
of critics, writers, professors and 
graduate students. As a result, Lou- 
ise Colet has been known in hteraiy 
history chiefly as the nopuat « 
such pronouncements, and as Flan- 


TO 


bert’s tempestuous and exigent 
mistress and muse. 

What Francine du Plessix Gray’s 
biography reminds us about is the 
extent to which many of these 
statements about literary imper- 
sonality and objectivity were made 
by Flaubert in shea distaste' for 
what he considered to be Coler's 
(and Romanticism’s) execrable ten- 
dency to confuse an and Hie, 
imagination and reality, and 
against what he judged to be ha 
fadJe confession aJ style and ha 
feminist sensibilities. Indeed by the 
time she met the young Gustave 
Flaubert Louise Colet was. well- 
established as one of France's lead- 
ing women poets. She had received 
the coveted prize erf the Acadtaxie 
Fransaise twice (and would receive 
it two more times) and was the 
hostess of one of the most distin- 
guished salons in Paris, attended by 
luminaries such as Leconte de 
Lisle, Tlieophile Gauthier and 
Alexandre Dumas. 

She was avant-garde in her views 
about the freedom of women to 
love and work, and had consistent- 
ly put these progressive ideas into 


practice. After ending a mediocre 
marriage that had represented her 
“passport to Paris." she was raising 
her daughter single-handedly, con- 
ducting a number of affairs with 
talented, often younger men and, at 
the age of 36, enjoying the most 
productive phase of her writing life. 

What drew this most unlikely 
couple together is an enigma, which 
du Plessix Gray attributes to their 
common experience of bong “out 
of sync” with their lime. Cola was 
Mediterranean, eccentric; combat- 
ive, fiercely passionate and inde- 
pendent, exuberantly Romantic 
and an outspoken feminist. Flau- 
bert, 11 years her junior, was an 
unpublished provincial, prodi- 


giously cultivated, restrained in 
style and emotion, who lived with 
his mother near Rouen and who, by 
his own admission, feared (but was 
nevertheless drawn to) strong intel- 
lectual women. He would eventual- 
ly become one of the most enduring 
literary figures of the 19th century, 
and Cola sensed it immediately. 

Their relationship was every- 
thing but harmonious. Pahaps 
their talents were not evenly 
matched, but neither were their so- 
cial or material circumstances. 
Flaubert enjoyed the support of 
strong male friendships and of a 
protective mother who ensured do- 
mestic stability. He availed himself 
of prostitutes and actresses who did 


not make emotional demands and 
was able to control his time, emo- 
tions and talent. ColeL, although 
she established some exceptional 
friendships, endured penurious 
conditions and suffered from the 
mockery of many of ha peers. But, 
most of all she dissipated ha im- 
mense energy and gifts in the pur- 
suit of passion and the business of 
survival 

Du Plessix Gray charts the sever- 
al personalities that Colet created 
Tor herself ova the course of ha 
long and tempestuous lifetime: 
young muse, salon hostess, political, 
activist, Romantic Mistress. jour-J 
nalist, revolutionary agitator, uav-i 
d writer, even moralist grandmoth- 


er. Through determination, will 
power and what her biographer 
calls a “modest talent," she became 
on important figure of the Roman- 
tic movement. Though du Plessix 
Gray does not make any grand 
claims for Colei’s oeuvre, she dear- 
ly admires the character and energy 
of a woman who asserted for ha- 
self the freedom of an and sexual- 
tty even though she was acutely 
conscious that she needed the pa- 
tronage of famous men to gain en- 


try into (and remain in) Parisian 
society. It was a bolandng act 
many other talented women writers 
of her lime knew all too well. 

In the end, Louise fell through 
the cracks of the literary establish- 
ment and endured ostracism, most 
especially from Flaubert's coterie, 
like other 19th-century heroines 
and pioneers, who were victims not 
rally of the prejudices of their day 
but also of their own misguided 
passions for men of genius, she 


tried to "have it all" and, in the 
process, lost much. 

The image of loneliness and iso- 
lation that permeates Colei's no- 
madic last years is chilling, demon- 
strating the high price she paid for 
braving society's distaste for eccen- 
tric, uppity and talented women. 

Isabelle de Courtimm. who reach- 
es literature at the Massachusetts 
Institute of Technology, wrote this 
far The Washington Post. 


BRIDGE 



• Thomas WaBaoe, 
literary agent, is reading 
Century Was Young by Dee 
Brown. 

JBKff-SwE 

Bt'JSSSS igs 

a is. with humanity, sympathy, 
and total honesty. 

(Lawrence Malkin. IHT) 



By Alan Truscott 

TT THEN the auction begins with 
W three passes, the fourth play- 
er often has a delicate problem: 
Should be open the bidding with a 
borderline hand? 

He knows that the points are 
scattered /airly evenly around the 
table, and that his partner is likely 
tobemthe8-nrangp.Againefor 
dtha side is most unlikely, so it is a 
question of a pan-score. 

The line of least resistance, is to 
pass, particularly if the hand is 
short in spades. On the diagramed 
deal from a regional event South 
gambled with a bid of two hearts, a 
weak two-bid that would normally 
be based on a six-card suit. The 
gamble would have failed if West 
had bid two spades, which would 
have succeeded, but two hearts be- 
came the contract, 

The opening lead was the spade 


king, taken by the ace; and South 
led a diamond. West might well 
have put up the king, but he played 
low and dummy’s nine was fi- 
nessed. East won with the queen, 
and played (he spade jock. 

West was Peter Bambrick. and 
he found (he essential series of 
plays lo defeat the contract. He 
overtook the jack with the queen, 
and was sure that his partner had 
no more: With J-10-6 East would 
have played the jack on the first 
round. But he did not immediately 
return a spade, which would have 
left East without a good play. In- 
stead he led the dub queen. This 
was covered by the king, and when 
East had scored the ace and jack he 
played a third club for a raff. Now, 
at the right moment. West played 
another spade and East's ruff de- 
feated the contract. 

This helped Bambrick and his 


teammates to a victory in the four- 
session Swiss Team Championship.. 
which began the 1994 tournament 
year in Manhattan. 


NORTH 

• 432 
0 10 6 3 
O A J9 

♦ KB73 


WESTfD) 

• KQ885 
<752 

• K 1084 

• Q5 


EAST 
• J6 
OKJ8 
0 Q6S2 
*A J84 
SOUTH 

• A 10 7 

9 AQ974 
0 73 

• 10 6 2 


Neither side was vulnerable. The 
bidding: 

West North East South 

Pass Pass Pass 2 O 

Pass Pass 


West led the spade king. 



-E’y here to find the Worlds 
Finest Hotels and Resorts. 


The Oriental, Bangkok 
Mandarin Oriental, Hong Kong 
Mandarin Oriental, Jakarta 
Mandarin Orienral, Macau 
Mandarin Orienral, Manila 
Mandarin Oriental, San Francisco 
The Oriental, Singapore 
Baan Taling Ngam, Thailand 
Phuket Yachr Club, Thailand 
Hotel Bela Vista, Macau 


S' ■ 

.-•Si 


r; 

V 


• AN 


/x*.: v - V, !• 

; Tv V 




MA NDAIIN CUMENTAt 
TMt HOTU Gknfip 


UK (1349 *581+42 - France OS 03 II) VI I mil free! • Germany 11130 8*58 308 (mil tire) • Spain Mil 532 9307 
Tk'frt&rfflbn MUkfMtU. Unrll International, or your travel professional. 


S3 


!. 41 


EOU-*; 

AirJ 

■xan; 


rtcluc 

?iero 


/ 





Th 

me 


3 1 

15 

as 

i< 

71 

n 

17 

X 

16 
2i 
7‘ 
31 
81 
4.* 
V 
11 
3 : 
is 
x 

7t 

X 

u 

1! 

4 ; 

a 

s 

3! 

E 


M 


Page 4 



North Korea Officials Shed 
Their Kim U Sung Badges 


Compiled by Ov Staff From Pdpoicha 

SEOUL — The ubiquitous Kim 11 Sung badges long worn by 
North Koreans have mysteriously disappeared from the lapels of 
Pyongyang officials at international conferences, the South’s Yon- 
hap news agency said Wednesday. 

The agency quoted South Korean officials who attended two 
recent meetings in Paris — those of the International Parliamentary 
Union and the United Nations Educational, Scientific and Cultural' 
Organization — as saying the lapel badges bearing the likeness of 
Mr. Kim were conspicuous by their absence. 

A total of 15 North Koreans attended the two conferences. 

Park Chung Soo, a South Korean parliament member who headed 
qis country’s delegation to the International Parliamentary Union 
conference, speculated that the disappearance of the badges signaled 
a period of transition from Kim Ii Sung to his son and heir-apparent. 
Kim Jong II. (AFP. Reuters) 


From War to Peaces Muslims and Croats Approve Constitution 


By David B. Ottaway 

Washington Pott Service 

SARAJEVO, Bosnia-Herzegovina — 
Bosnia's Muslims and Croats formally ap- 
proved the constitution of their U.S.-bro- 
kered federation here Wednesday, consoli- 
dating a remarkable reconciliation 
between the two communities, which had 
been fighting a vicious war for the past 


the long confrontation line. Heavy weap- 
ons will be pulled 10 kflometers (6 mfles) 
from the line. 

Although the agreement does not yet 
bring adurable peace to Croatia, it is seen 


as an important" first step in resolving the 
.... -. r Yi!g05lav republic. 


year. 


The new federation came into existence 
as an American delegation, led by the U.S. 
ambassador to the United Nations, Made- 


leine Albright, and the U.S. chief of staff. 
General John 


On May 1 6th, the IHT will publish a Special 
Report on 


Chile 


Among the topics to be covered are: 

■ Chile’s trade with NAFTA nations. 

■ Prospects for continued rapid economic 
expansion. 

■ Efforts to preserve Chile's natural 
resources. 

■ Profile of the world's largest copper 
producer. 

■ A gas pipeline from Argentina to Chile's 
main cities. 


For information about advertising in this Special 
Recort. please contact Juanita Caspar) in Paris at 
(33-1)463793 76. 


-Vf fk LMERMTIUNAJ, + f 

licralo ^fe fcnbttnc 


tuNfji win up w 


Shalikash villi, inaugurated 

the new U.S. Embassy building in central 
Sarajevo, the first to open since the Bosni- 
an conflict began two years ago this ApriL 
The federation agreement followed an 
accord earlier Wednesday between Cro- 
atian officials and Serbian rebels on a 
cease-fire plan. Russian and American dip- 
lomats hailed the accord as another step 
toward a solution of the two-year-old stale- 
mate in Croatia and the war in Bosnia. 


to withdraw Ihdr fighters a kilometer from 


stalemate in the former . _ e . .. 

where Croatian Serbian rebels have occu- 
pied 27 percent of the country, an area 
known as Knrjina, for nearly three years. 

The Muslim-Croaiian federation was 
launched at the onset of what appears to be 
a new Bosnian Serbian offensive against 
the Muslim enclave of Gorazde, one of the 
three UN-designated “safe areas" in east- 
ern Bosnia. UN officials said "fierce fight- 
ing" was under way there, with 500 artil- 
lery shells fired into the enclave Tuesday, 
while the Bosnian Army commander, Ra- 
sim Delic. said the Serbs were attacking 
from three sides. 

The chief U.S. mediator here, Charles E 
Redman, is scheduled to travel Thursday 
from Sarajevo to Pale, the Bosnian Serbian 
“capital." for exploratory talks with their 
leader, Radovan Karadzic, about a possi- 
ble "union" between the Croatian- Muslim 


federation and a separate Serb republic. 

The federation approved unanimously 
Wednesday is so far the main accomplish- 
ment of the U.S. diplomatic initiative in' 
the Balkans. It was voted on after the 
Bosnian parliament was transformed into a 
constituent assembly empowered to ftp- 


old rump Bosnian parliament elected in 
late 1990 brought together 76 former Mus- 
lim deputies. 40 Croalians and seven others 
for the first time since January 1992. 


There were moments 
of tension as old friends- 
turned-enemies met 
again to make peace. 


Here were moments of tension as old 

friend*- turned-enemies met again to make 
peace after much bloodshed and a lot of 
“ethnic d eanring " of each other’s towns 
and villages, which has turned tens of thou- 
sands ofMustims and Croats into dis- 
placed persons and refugees abroad. 


prove its constitution and began function- 
ing in a transitional phase at midnight 
Wednesday. 

The federation presently covers only the 
third of Bosnia's territory controlled by 
either the government or Croatian forces. 
But it will become the government for the 
60 percent of the country’s prewar popula- 
tion that Muslims and Croats constitute: 

The three-day meeting in Sarajevo of the 


The two sides also heatedly disputed 
whether the flag of the Bosnian Croats’ 
self-proclaimed “republic of Herceg- Bos- 
nia" should be displayed. In the end, both 
its flag and that of the “Bosniacs.” the 
name Bosnian Muslims now wish to be 
called, were put up on either side of the 
present Bosnian one. 


The effect of this was only to highlight 
the political, historical and cultural ten- 
sions the federation is certain to find itself 
under. The Bosniac flag has the colors of 
Islam, green and white, with a crescent in 
the center, while that of Bosnian Croats' 


With the assembly’s approval erf the con- 
stitution, the two communities have just 
one month now to agree on a new common 
leadership. 


Papandreou Calls Macedonian State 


'Real and Present Danger’ to Greece 


JVew York Times Service 

ATHENS — Prime Minister An- 
dreas Papandreou says he feels 
compelled to impose a trade em- 
bargo on the former Yugoslav re- 
public of Macedonia because the 
newly independent state's policies 
poses a “real and present danger to 
Greece.” 

The Clinton administration op- 
poses the embargo and named 
Matthew Nimetz as special media- 
tor. Mr. Nimetz held his first meet- 
ing with the Greek prime minister 
Tuesday night after conferring ear- 
lier in the day with the Macedonian 
president, Kiro Gligorov. in the 
capital, Skopje. 

Mr. Papandreou, who will pay 


his first official visit to the United 
States in ApriL explained in an in- 
terview what prompted his action. 

He said he acted last month to 
deny landlocked Macedonia access 
to its nearest outlet to the sea, the 
Greek port of Salonika, after the 
recognition of the state by six fel- 
low members of the European 
Union. 

"Then we knew the thing had 
been buried deep." Mr. Papan- 
dreou said. “There was no longer 
an interest in the issue, and 1 had to 
tell the world somehow that there is 
an issue, an issue of security, of 
stability in the region." 

Greece denies to the slate on its 
northern border the right to call 


INTERNATIONAL RECRUITMENT 


Our client is an outstanding multinational company with excellently positioned products. The company is a major 
player in the business of selling and servicing of long-life installations of high technical standard. Revenues are USS 
3 billion and the number of employees exceed 30'000. 

The Total Quality Management Division has the main purpose to complete and maintain the TQM organization and 
standards throughout the group in accordance with corporate policies and business strategies. The future Head of the 
division will be a member of the Corporate Management, reporting directly to the Chief Executive Officer. 


EXECUTIVE 




Main tasks: 

To further develop, recommend and ensure implemen- 
tation of short and long term objectives and strategies 
in order to complete, maintain and optimize the systems 
and procedures of the TQM in the group 

To monitor and ensure efficiency of the TQM process in 
terms of organization and leadership and to ensure that 
group companies receive the necessary and timely sup- 
port and guidance from corporate services 
• To manage Corrective Actions (CAT) if appropriate in 
co-operation with the group companies concerned 
' To obtain the European Quality Award for the group 
?: To execute quality audits regularly 


S 


The qualifications: 

2 Good education and high intellect with a university 
degree in engineering or informatics 

Working experience in a comparable environment, i.e. 
first class multinational company and relevant industries 
such as automotive, aircraft aerospace, defence etc 
industries with zero defect products 
Working experience in benchmark process engineer- 
ing 

Knowledgeable in TQM on all levels and in the ISO 
Standard related procedures 


3 


-3 


Candidates who want to combine living in Switzerland with the challenging function providing leadership and support 
for all aspects of TQM should immediately apply. Please send your confidential information to K/F ASSOCIATES, C.F.- 
Meyer Strasse 14, CH-8027 Zurich, reference number 63007-10. Should you need any additional information, please call 
Ms Kristina Rippstein CTel. ##41-1-281 01 00). 

K 


itself “Macedonia," and the prime 
minister and other Greek officials 
refer to it as “Skopje." 

Greek officials contend that the 
new state’s choice of name and 
symbols of sovereignty masks a 
hidden ambition to lay claim to the 
Greek province of Macedonia and 
Salonika, its capital, which ties on 
the Aegean Sea. Mr. Papandreou 
conceded that the present govern- 
ment of the small, impoverished 
state represented no threat. Bat he 
cited Balkan turbulence and added 
that the menace came “in conjunc- 
tion with other powers." 

"1 would prefer not to name 
them," he said. Greeks traditional- 
ly distrust Bulgaria and Albania, 
which also border on Macedonia, 
and tend to see the hand of Turkey, 
its historic foe. in all situations m 
which they perceive a menace to 
Greece. 

Mr. Papandreou repealed 
Greece's recognition of its neigh- 
bor’s independence and willingness 
to help it economically. He af- 
firmed an offer to lift the embargo 
if Macedonia changed its flag, 
which features a 1 ^pointed star 
discovered after World War II in 
archaeological excavations near 
Salonika and never before used in 
the Yugoslav republic, and excised 
from its constitution clauses that 
Athens interprets as claiming rights 
beyond its borders. 


— HENRY KAMM 


EUROPEAN 


TOPICS 


Feast After Famine 
For Albania Viewers 

Television satellite dishes are 
popping up on the skyline of 
Tirana. Albania's capital where 
foreign broadcasts were long 
blacked out. 

Sales of dishes in what is Eu- 
rope’s poorest country are esti- 
mated to have risen 'from zero 
two years ago to a staggering 
25,000. One man was seen leav- 
ing a shop with a satellite dish 
strapped to the hade of his don- 
key. 

For many, a satellite dish has 
become a necessity. Ylber Xha- 
meta, a 28-year-old business- 
man, said the dish was the sec- 
ond luxury item he bought, after 
a car he and his family watch 
TV in their crowded apartment 
while the women do piecework 
tailoring. 

“We can see films, concerts, 
sports events all day and night 
with the satellite." said Mr. Xha- 
meia. Albania's lone channel, he 
added, “lacks manv of these 
things." 

It is a far cry from the days of 
Enver Hoxha, the Communist 
dictator who died in 1985. He 
watched foreign television on a 


specially installed cable, but to 
keep the masses from being ex- 
posed to outside ideas, he 
banned TV antennas, and had 
French and Italian broadcasts 
jammed. 

A burgeoning community of 
traders constitutes the bulk of 
satellite-dish buyers, together 
with fanners and families Lucky 
enough to have relatives abroad 
sending them money. 


.Around Europe 

Some fought in the FaOdands 
War, others r- the Guff; now they 
wage a different battle. Former 
career soldiers now account for 
one in three of Britain's home- 
less. British forces have been re- 
duced by 17.000 since 1990. and 
an additional 7,000 soldiers are 
set to go by the end of next year. 
Partly because of the great mo- 
bility of the British military — 20 
moves in 20 years is not unusual 
— few own their own homes. 
More than 1,300 army flats were 


“iUqgany" occupied m 1992 by 
ho refui 


soldiers who refused to leave or 
by their divorced wives. The 
housing shortage in Britain con- 
tributes to the problem. 

Switzerland has made it easier 
for foreigners to buy property. 
Laws passed 30 years ago placed 
tight controls on such sales, 
though only 5 percent of Swiss 
property is now in foreign hands. 
The new law, reports Die Welt of 
Hamburg, allows foreigners who 
live in the country or who have- 
lived there for at least five years 


to buy property. Businesses are 
now allowed to buy property for 
company use. But sales of vaca- 
tion bones wtD be limited to 
4.000 a year, and Lbe purchase of 
real estate for speculation re- 
mains banned. The change 
comes at a time when the real 
estate market is particularly 
slack: Single-family dwellings 
are selling for 10 percent to 30 
percent less than three years ago. 


A Gennan reporter says be was 
able to obtain a total of 41 days’ 
sick leave from five doctors even 
though he told them he was per- 
fectly wdl Michael Stange of the 
daily Bild said that one doctor 
gave him a slip authorizing 12 
days off without examining him, 
and congratulated him for his 
candor in admitting that he was 
not really sick. An estimated 
900,000 healthy German workers 
call in sick each day. 


world is about 
tobies. 
— corporate 
ficity messages printed on 
eggs in non toxic ink — are being 
tried in England for the first time 
this week. More than 13 milli on 
eggs distributed during the Eas- 
ter holiday will bear the slogan 
“Wake up to BTs new daytime 
rate" — an ad for British Tele- 
communications. We can hear 
the conversations now: “I was 
reading my egg this morning, 
and 


Brian Knowiton 


INTERNATIONAL CLASSIFIED 


K/F ASSOCIATES 


DIVISION Of- KOKV KERRY C:\KKI OHIS.VN INTERNATIONAL 


International Transit Engineers 


De Leuw, Cither Int i Ltd., a leading international 
consulting linn is seeking professional engineers 
for upcoming rail transit projects in Asia. 


Project Managers 
Project Controls 
Trackwork 
Rolling Stock 


Depot Design 
Tunnel Vent 
Rail O&M 
Sofety/QA 


Traction Power (LIM/Third Rail/Catenary) 
Transit Signal/Communications 
Rail Transit Systems Engineering 
1 Automatic Fare Collection 
Civ U/ Struct. /Elec^Mech./ Specs. 


Degree + 7-10 vrs. transit exp. + U.S. P.E. (or 
equiv.j desired. Send resume 'CV (Prin. only' with 
Siihirv history to: De Leuw, Gather International 
Limited, Attn: H.R. Dept., 1133 15th St., N.W., 
Washington, D.C, USA, 20005-2701. 


Deleuw, Cather 


A Parsons Transportation Company 


Eastern Europe 


Group Vice President 


US. based Fortune 50 diversified company has need for seasoned 
International executive with experience In Eastern Europe. 

Successful candidate will be chartered to rebuild Eastern European 
business with emphasis on Commonwealth states. 

Ideal background would include 1 5 years experience, IQ of which was 
based in the former Soviet Union and/or eastern block countries, as a 
line executive with business development responsibility. 


Strong background required in business development through Joint 
ventures, licensing and direct investment arrangements. Proven 
record of high level business contacts in the Commonwea Ith and a 
record of achievements formuiating/iraplementing realistic profitable 
business strategies, alliances, and investment plans are required. 
Additional requirements include Russian language capability and a 
technical collegiate education. 


Send credentials to; 


Box D-416, International Herald Tribune. 
181, Avenue Charles de Gaulle, 
92621 Netrilly Cedes, France. 


EXECUTIVES AVAILABLE 


COMMERCIAL DIRECTOR/ 
MANAGER M COSMETICS AND 
DBUXE 8ELATH) PRODUCTS B 
LOOKING FOR WW CHAUB4GE 
SopkAaHed. wel trawM lady in 
evty fames, amis at pbcBKM pros* 
Mkm and Pi expenenoa. 

ASSETS: MaUm and sales promo- 
toons, mo tnwhon of staff with profes- 
yaa Mews*, ato for rare ventures. 
Dyrtcnuc, saw of resporabiify, unse 
of nandioii 

LANGUAGES; Ffanc\ Dutch, Engfah. 
Gem tun jwiwi uru nji 
Retried pb offers should oomnwreoroM 
with oboro professional arperienca. 

Fax Mjpum 32-2-64823 34. 


TOP CLASS SALES AND MARKETING 

perfecriy taVgud European manager 
{French Goraa, Engfah) etfen- 

trw erperonen to services. consjnwr 

and hi ta di products seeks pasiftoti la 
salve your start-up probfc-rm Pats 

base relocatable m Europe aid US. 

Tot -f 330-4603 21 W. Fin 4141 9874 


ATTORNEY, American, Ktb employ- 
mrt with law firm m Paris, ham*), 

biftoud, experienced. Reply to Ren 

3S60. IHT.. 92521 Newly Cedes. 


GENERAL POSITIONS 
AVAILABLE 


Sfflt TEMPORARY, mature. Ungual 

anatoms, ear. la help newcomers set' 


Be « Pan. CV„ photo to faecunro 
•O crrfH, 7X£RPrra 


Moenlm. 3iutl 


MEDICAL TRANSLATORS with relevant 
lranm'e*peneneB. ward] 
cfctapnane. KRAUS Far 33-1 J: 


Isadv Francois de la 

FORMATION UNGUSHOUE 
recherche 


RESPONSABU 


PEDAGOGKMJE 

U/NGUE ANGtAB/HEANCAB 


Weft: 38-35 ans. Farankon supkneure. 

RMfe experience pWagogiaue. 

Uu ante, erfariwue, quants 
idaMmefles, ngrew et sens du service. 

Mission: an sen du dtpatamM 
d’Anglcn. own* une ftquipe de 30 
prafepws*. fit CCTOad ptr a i m i J pvec 
ms cfcanri, Wobsrer das fomrions 
sptdfiquw. Gatsrir pa vt4re adfon, 
nan image etfaquehtada sennas 


Mens dadrener voire conddotM* an 
peasant la ref 2010 bur la keflte el sir 
renvefappe) a Vidal A s so ciates, 
20-22 rue Laos Amato. 75015 Pam 


PAOTC MM CONSULTANTS 
taemakand mvesmert firm repmae- 
ing a newly formed atraytawi neks 
quddied onreuStrts to pantopon m 
a nde analysis of busies cppartimws 
in cmq u rtfl. hrgh nA motels in me 
fbctfic »■. Oir amronf faens s North 
K oea. I n divid u a ls shou ld Save current 
comas, area expertise ad pIgibm 
ex peri en ce in tfes regan. Con ipa aafan 
wi be eannansurate with quainco- 
Mm Frinopcfc only. Confiderfflatfy 
asswed. Ptease send resume la 
Dr. David OxrifUd 
P.O, So* 6060 
1211 Geer* ft 
Geneva, 5witreri u nd 


CMRfaeau 

TlMEWARNHCctfesul 

neks cm EXECUTIVE ASStSTA 

nvda tongue, 

eacefent knowledge cf french, 
ond GkbI S Word softwares. 
273 years experience minimum. 
FRKUKffl/lTMa) per ytor. 
Plrcne send CV + photo to: 


MBMATIONAI FINANCIAL 
SERVICES COMPANY in Pern, 
seeks YOUNG GBHAAN IAWYB. 

Fluent hi Engwi, for occasional 
auiiAiue with German lego! work/ 

tramUnm Fee been. 

Experience not required 
Reply la Sac 3570. IHT, 
P252IM)u»y Order, Fm 


SAITS POSmON-TABN SKXLWO+ 


us. K-Tedi Security MasJbdawig Co. 

. Fnatigoas Undon & Parrs 


hoi opening. . _ 
staminas. Seong 
nwrfcehrw itoUi 

Salary + 


& lele- 
C a ree r 

fa Ojn rt u ocm 


S Henefm ’Dcee you pass tho byf 


FAX Mr. Mie* 


SUSA 


FMD WORK IN AMBUCA. Mbs 
otaMle m sales, computers, odnvrxs- 
ttawn, meaarf. factories, hundreds of 
psKns mafable. GaS Jobs trtemo- 
tond Inc at +31 3403 50544 Hol- 
land 


OIL MAGAZINE 
in PAHS seeks 


JOURNALIST SPECIALIZED 
M OR. ISSUES 


Send CV ta APBC 7 avenue Ingres, 
75016 Pans, Fiance. 


GENERAL POSITIONS 

WANTED 


AtCmVATD WENCH LADY, worfang 

e xp erience weh inti compmes, trace 

eBed worldwide, paufeve, dTgx t md 


Open speif, imereti m arts aid culture, 

cammurxcaBon sfcfc. or ponced, loot- 


ing far chdfenging poption as PA ar 
mdudng travriT Tax to Bax 3574, 
LHT.Pgris 133/1)46 37 9370 


HARVARD 

d afcn ping tanner i n terre bp . Male, 
2ft Amenam/ French, fidensne over- 

teas wpenence. Fat 017-493-5516 US 


SECRETARIAL 
POSITIONS AVAILABLE 


MVesnWMTOCMMNrseefe 
■ A MJNGUAL 5GCRETARV ■ 


6rfdt/Fi«idi, far secretand support 
or its fixeaAvi 


execukvtt and transfainn of 
eawonad aid finnxnd d o ow e m . 
ProRe retired 
- Engfah mother I 


Send letter + CV + photo to Cental 
Privfe 13, me tfltaes. 75002 Potr. 


EDUCATIONAL 
POSITIONS AVAILABLE 


LANGUAGE IRAMNG CBiHBE 
fa Paris A Eery, SEBCS Anenae) or 
Engfah LANOlAGG TIUUNBB For 
Bonerd ft spedefaed progtawnes. 
LWrernty degree ft substantid 
onmafiofi experience with adults 




r Cedes, France. 


WELL ESTABLISHED LANGUAGE 


SCHOOL in Pare, seeks MJNGUAL 

MOTHER TONGUE 


ENGLISH 

TEAOtERS, mranuni 1 year 
era. ER 
CV + photo Its 


9 TUB 


Maunat GrendccwB. 94200 hny/Seuw 
< £otohy^aW^573M» 


EDUCATIONAL 
POSITIONS WANTED 


Business School Executive 

Seefanp poedon re General Manager. 
tMrecKr to set up ft manage knguage 
schools, trcndrtaori nderpretaban cen- 
ters, vocational sdtooe vvoridvnde. 
■merest far Russo ft Eratem 
I how 25 years ee p ereree 
sta* m UL Canada 
Europe S Japon Buenr m &>gjfeh. 


PERSONALS 


MOVING 


THANK YOU SACRED HEART 

of Jesus. Thank you SL lude. 
AX 


ANNOUNCEMENTS 


Attention visitors 
from the U.S. 1 


r T 



m 


INTI 

MOVING 


A.GJL LONDON 14441)961 7595 
A.65. PARS 034140 80 20 40 
A.OS. BRUSSB5 524 25 06 
A.G5. B0HJN (4930421 2865 
A.G5. MADRD 04491 264971 
A.G5. BUDAPBT OS-11 163 60 50 
AGJ. PRAGUE {42-3 £35 72)6 
AG-5. WARSAW {48-22) 563 555 


USA RESIDENTIAL 


MAUI HAWAII, OCEAN FRONT 

Condos. 52OO0Q+ davm/fvA price 
$140,000+. (ahouse finanring - no 
Cdl 24 ham. Tek 808665- 
Fro 808-669-1228 USA 


REAL ESTATE 
TO RENT/SHARE 


REAL ESTATE 
FOR SALE 


If you enjoy reccing the IHT 
when you travel, why not 
abo get if at home ? 
Same-day delivery available 
m key US. dries. 


00(1)800 882 2884 


Jin NewTork aj 212 752 3890J 


lUralbd^eribunc. 


ALCOHOLFC5 ANONYMOUS Enfaeh 


678 


HBING laW? — having pyrenei**? 
SOS FfiP uisisAne hi Erwfch. 3 pm.- 
11 p.iii. Tet Paris (11 47 a 80 80. 


FOR SALE & WANTED 


EXCLUSIVE IAMMATH) PHOTOS of 
the Iota L Men Krdwma and Vtaderw 
Jabotmsky. $39 J5 + $4.95 shppmj 
and handling. Quantify dscounti 
avtdoUe. Gc4ct«il PO Box 792, 
Bronx, NY. 70463 USA. 


FRENCH RIVIERA 


ST TROPEZ ESTATE, 320 nx bmg 

space, bordering sea FFffl m*on. 
NOTAISES Tefc S3] 73 39 44 88, Fax 
CT 72 00 92 95 


PARIS & SUBURBS 


15 lain CHAOS DE GAUUE Aff- 

PQRT, VERY BEAUTTRJl HOUSE m- 

Raurerad poi. 2 recsptian rooms with 
fireplaces, 6 bedrooms, 6 beths, 
mads loom, garage. Tet prowncus 
m) 44 53 56 56 w Paris 33A-34 68 
M90 or Fax 33-1-34 68 33 70 


ST GERMAMI DES PRES 
160 sqiil, old bniUng, Hi, sun, bdaDay 
Wow on gadm. vwrfc to be dona. 
SBGE BONAMY Tel: 1-42 88 90 00 


PARE 6th, CHStCHE MUX, double 

hwig + 1 bs Ooom. 63 k^ib.. com- 
fort. high pnee iretified by omendies. 
ftcfcriw rtiooiilty redone, open view. 

Tein| 45 48 aiaK3»nHr 


SWITZERLAND 


IH US HELP YOU! Select o kwfay. 
opre t w ent, tafce Geneva, Southern 
rang a nd y l re is. AthwNvo 
pi ices. Corapleto ca n fiilenr e Suvl 
Ffaandd Tefc 41-21-329 00 49. 

Fax; 41-21-329 00 52. 


PARIS AREA FURNISHED 


PARIS 

“ BETTER THAN A HOTH” 


AT HOME M PARS 


PARIS PROMO 

apartmertE to rent hjrnbhmd or not 
Sa« & Property Management Services 
25 Av Hadte 75CD8Pbrit.fia 1-45611020 


Teb (Ij 45 63 25 60 


. 74 OlAMfS aYJjEB 

CLABIDGE 

FOR I mac OR MORE high dres 


1ATM QUARTER, 5th floor. ifr, qwr*. 
2 rooms, security, co n ocroe. CoR 
OxAenae 14243 yBO or 0741 9621. 


5Hw LUXEMBOURG chaoder 

beautiful 120 jun» modern btchen 
bafa. F15J00. Trtll) 45 53 29 25 


16th, AVE DE VBBAULES, superb 4- 
room qaertment, impecxx&Y h/rmhed 
F1100Q & dtcraes, owner 1-42307140 


MARAIS, beautW rtufaa, bean, boh 
cony. From 


cany, from now ti 
F3jW)iwi.TeL{I}42 


35 sqm. 
7 32. 


PARIS AREA UNFURNISHED^ 


sturfto, 2 or 3rocm apartments. FULLY 
EQUmO. IMMBXATE1 8SBV> 




yjfsrrs/rrj 

t I o n I 


Off® YOU !! 

QUAUTY APARTMENTS 

• Luxury farnahed 


•^Spodai igtyjor tang ric yi 


frordof “Die . 

• Cta» to the BU Tower 
. and "Trocod ere" S rprew 
Prices Muling at U557D0 per week 
For further fa fi rwialioB A reservafi. 
a# 1-4925 9501. Fax 1-4288 2991 


Embassy Service 

YOUR REAL ESTATE 
AGENT M PARIS 
Tel: (1) 47.20.30.05 


AGBKE CHAMPS RY5B5 


rpeodeb fa hmrhed aportmet m , 
residential areas, 3 months and mere. 


Tefcjlj 42 25 32 25 


Fax [1] 45 63 37 09 


16*. Riff BA55ANO, hgh doss. 60 
sun, fiw + bedroom, Han um n 1 
yea. Fft5D0 net Tetl-45 25 75 36. 


BUSINESS MESSAGE CENTER 


READERS ARE ADVISED 


that Him latomatlonal 
Hmvtd Tribune amn ot b» 
hu/d riynittWe fertotr or 
d a a agm faeumd as a re- 
mit of tnMHadSom stum- 
ming from ndvei'Aiernenti 
which 


H fa fhutwforu iBCOmntund 
ud that reaefan mate* ap- 
propriate rnqubiot baton 
sending my money or en- 


tering into any bmdmg 


BUSINESS 

OPPORTUNITIES 


OFFSHOft COMPANIES 
Free pnnriond anufeotons 
Woriawide faeopo ro tfaw 
■ftatoinfafa* 


FiA confidential servers 

Londcn representative 
Fu4 o dmi nrer reran services 


ASTON CORPORATE TRUSTEE LTD 
19. Fed Road. Doufaas. Ida of Man 
Tel: 0624 626591Froi 0624 625126 


OFFSHORE OOMPAMB. For free 
brochure or advice Tel-. London 
44 81 741 1224 Fax: 44 Bl 748 6558 


CAPITAL AVAILABLE 


French Sutoon. bdan ft Spandv , 


05. & French ototemhn. Fax, RVK, 
Ft*w Rfl TO38 90 ?0 


Cannes. I 


FUNOS AVAILABLE 


TO PURCHASE: 

’ Ldtenof Gerfit 

* BanL Guarantees 

* Other Acceptable Collateral 

- Backed by rnvata Investors 

THRU MAJOR MTl RANKS 


CAPITAL SUPPORT GORP. 
UA |7141 757-1070 Fax 757-1270 


TAX SERVICES 


US/ FRENCH TAX RETURNS 

by fi rm of Amengm tm 
oecountonts. Adwe to prior year non 
Bern. Mr. Sgnan Tefc 42 81 18 46. 


BUSINESS TRAVEL 


lft/Basfaere dan Fraquem Travelers' 
Ip Onert/AunTOfca/Aftioa'No. ft Sa 
America. Save up to 50 Sl No cov- 


pon.ro retfridaiia. fenrid Gtmacfa 
Tel: 514-341-7227 fiw 514^41-7998. 


BUSINESS SERVICES 


$AVE ON 
International 


Phone Calls 


OVr you I 
U.S ani saw- as modi os 
65% computed to loeof phone 
lavdptans. 


co mp anies or coAng card pkmi 
Call from tame, office or notch 


atd ovqkI suidwges. 
AvatWe m of countries. 


Cdl new for roles reel see haw 
yew can begn sewing today. 
Unas open 24 horn. 


kallback 


Tel: 1/206-284-8600 
Fox.- 1/206-282-6666 


417 Second Avenue Wmb 
Seette. WA 98119 USA 


Aqeid inquna welcome 


HONGKONG 
COMPANKS US $350 


yowr no tax or 
lore tax MBpeny from the 
h usi n eu centre of Alia 


SOVHBGN TRUST MIERNATiONAL 


4056, Peragrme Tower, Uppo Centre, 


FAX: + 852 868 5995 


SERVICED OFFICES 


Your Office in Germany 


we ore "in your Service” 


office unices at two 
_ oddreKev 

. eroppod offices for short 
term or Inin lem. 

• hternMMy homed office 
Mtaprcfnssonal staff at your 

• Con be legaly used os your 
corporate damefe hr Germaiy/ 

CUropo. 

• Your tatfaen operation am start 
umMfenh>. 

• Since 1972/ 


Tots (1) 44 13 33 33 


AnON5 


IAMY, 75116 PARIS 

5 Awl none lor de Sortie 
Tefc 1-40 70 18 84 aT47 23 S3 14 
Short and Iona Term tout* 


8th, MADBBift taurious 130 sr^m. 

+ menor en e s , luty furnished, reap- 
li on ro om, fireplace. 3 bedroom, 2 

brdhnxms, lope HtcMfi extra star- 

age roam ft modi roam. FT2J00 + 
Srges.Tel/fiaWy {391 2 804 219 


quufily apretmonts, 

Pow <md subwm. CAHTALE 


1 TO RENT 

Hondpidmd 

Mzfhes Tefc (1J'46 14 82 11. fixe 

ni 47 72 30 96. 


4ft, OE SAW LOUIS, etenmt. superb. 

75 sqjn, king + 5 bedrooms, fir®. 


sqm, _ . . . .. _ 

idooe. 1 yeur l aornum Free immotfr 
ntefy. RIJQQ rwt Tefc 145 25 75 36. 


Iftft, VICTOR 
bewtifel ft 

8i< “ 


HUGO, 320 sqm. 

, 4 beds/4 bdls 
Tri/fax 1-45795883 


1A7WI aUAItlB!. 2-toom flat n town 

entrance, Wden/brfi, sunny, 

Owner TeLl -43 ftt 65 69 


7ft, RUE DE VBNEUtt, apartment far 
receptions, sunny 130 sq-m, 5 rooms, 
bathroom, shower room, 2 wC 
F2ftC00 net Tefc p| 42 61 31 40. 


PARS 8ft, 185 sq-m. faxunau. 

greenery, sunny fireplaces, Spooous 
brfhrootm. Trizlli *6 91 -1845 


BOATS/YACHTS 


LUXURY YACHT AT MALTA 
Itafasn (Ugn ?9»(fc Fiywig Bridge; 52 * 
GMftettfcZuSOtifx 3 double cabins + 

I snide. Instruments. SATNAU, LORAN. 

Auto rfcf, Radar. Very beautiful tftcian. 
MtwWy exxnt gpnc u ; 200 hovel hours 
Price new US SI mSon. now 50X. 


Contact Mr HJrar* (The Nethakiift) 
Tefc 31 33 946926 Pm. 31 33 947951 


LEGAL SERVICES 


DIVORCE FAST. *295.00. P.O. Bo* 

B040, Andtairn, CA 92801 CaU/Fa* 
f714) 968-8695 USA. 


LOW COST FLIGHTS 


DAILY RIGHTS at taros t faro «w 
iness ft 


tocrat dam. 


report on 1st. busness a 

TdlFTP<F«fll4755 13 13 


Real Estate in the 

South of France, 
French Riviera and Monaco 

SPECIAL HEADING, 


APRIL 8, 1994 


To place your dussifitxj ad or for more information. 
Con t a ct the IHT in Paris: 

TeLs G3-1) 46 37 93 85 
Fax: C33-1) 46 37 93 70 


or your local I.RT. Office or representative 


uK 




! ' 1 
' t , 


•r ' 




features a checkered red-and-white shield 
qwiilar to Croatia’s. 

Many ardent Bosnian Croatian nation- 
alists had favored partitioning Bosnia into 
three parts and the merging of the Croatian 
territories into Croatia proper. Some Bos- 
nian Muslims, on the other hand, are fun- 
damentalists who want to turn Bosnia into 
an Islamic republic. 

The multiethnic and multirdigious fed- 
eration the two communities are now form- 
ing will make the goals of both these ex- 
tremist tendencies impossible to f ulfill 


The federation provides for power-shar- 
ing between the two communities with the 
president rotating each year and all minis- 
ters and their deputies chosen from differ- 
ent ethnic groups. Croats, who represent 
only 17 percent of the prewar population, 
mil have an equal vote to Muslims in one 
of two houses m parliament. 



tefaM B wfa tai &toricMGrofcH 
bmgynoui an Hahnausenparfc 
Jirninowrasse 22 
6000 Frankfurt am Man 1. 

_ Germany. 
Jri=l«224fe» • 
■fare (69) 5*5770 


Hcralhia^^gribunc 


PLANNING TO RUN 
A CLASSIFIED AD? 


EUROPE 


FRANCE L. 

■ frl r |t ^ jy gp 

fi*: (1146 37 9370 

Tei-J069l72o755 
Fx. (069) >2 73 10 . 

BBCMMft UA84BCUG feueris 
M.-343 18.9V. 343-19(4 
tac 3460353 
GSS0E 5CTWUS: Arims. 


WDED QNGOOM: London. 
Td-fOn) 83*4802. 

Mas?** 


UNTIED STATES 


NEWYOHfc 

JoL 12)2752-3890 
Fre 6137558785 
M fear teXt 573-7211 
He 427)75 




ftto. i 




FMAHD: HdarJd 


JoL- 358101 

rfii 


6474 IZ 


hacOI2fTlZ 
RAUf:M*«. 

W- 56315738. 

Fre. 5462571 

"WSS?-*' 

Fisk 6737627 
NOWAYftSWBHfc 


CANADA 

TORONTO 

TeL- 1905)8334200 
For. |90S 833-21 Id 


MIDDLE EAST 


UNIB ARAB EMBATEfc Shaicfc 
Tri.ftJ&i 351133 
Far P61 3748888 
Mac 68484 TOOF 


rerywi 

FORUM: 

M35I 


— -Ufton. 
35l-l-4ff-7293 


For 351 1-457-7352 


SWftMdhd 
TJ.-35087B9. 
Ff»e 3509257 


ssemuemuh 

W 07117385)21 
tac, KHl) 7ft 3091 


AStA/PACWC 
HONS MONO: 

T«L-t853Jp22-n8a 
IU.. 61170 W1HX. 
fa*.(8S2j9mil« 
SNSAPOK 

fir 28749. HT 3N. 

Fac 163 224 1506 

^^■02.0 

T»- J33673 Fr 32 01 07 W 






























































tituti 


•on 


- ' ■sc.. - 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, MARCH 31, 1994 


ftpr 5 




. V 

Uii " ■ i Mi'ii- 
r., .! -*'■ 


, , ■ F i. 


-ribtt' 1 ' 


"\.«auN 


BEAR: 

Escape the Bite 


beneficiaries of declining interest 
rates, he said. “StockTSd bonds 
rae m reaction to falling fates and 
a huge amount of money fled hank 
o^psiis m search of higher yields." 

He said the boom times are over 

for them, especially in light or the 
recent interest rate increases by the 
Federal Reserve Board. 

It is a bit easier to spot mutual 

1 down markets 
skillfuUy, according to Morning- 
s' 1, Inc„ a mutual fund research 
arm based in Chicaga A few mutu- 
al funds even make money in bear 
markets. 

One on the list that is doing well 
this year is Dreyfus Capital Value, 
managed by Mr. Salvigsen. It is up 

about 4 percent so far this year. 

Many fund managers have 
stockpiled cash recently, according 
to several fund managers. This puts 
them in a good position to handle 
redemptions without being forced 
to-selL 

There are two basic stock invest- 
ing styles — “growth,'’ which em- 
phasizes the shares of companies 
that are growing quickly, and “val- 
ue," which focuses on stocks tem- 
porarily selling at a discount io 
their true value. 

The mosi successful stock inves- 
tors. such as Warren Buffett, com- 
bine the two styles. They buy high- 
ly profitable companies selling at a 
discount That way they get strong 
earnings growth without, paying 
too much. 

"No one can predict a bear mar- 
ket so you want a margin of safety 
when buying stocks." said Seth 
Klarman, head of the Bau post 
Group in Cambridge, Massachu- 
setts. “The idea is that you pay a 
price low enough thaL something 
can go wrong — like a bear market 
— and you won’t get mauled." 


SWISS: 

Debunking Myths 

Continued from Page 1 

greeted by a plywood caricature of 
Tell, offering a basket of real ap- 
ples, and a statement by Mr. Pavil- 
ion noting that the opponents of 
European integration had used 
“the most womout cliches on the 
founding of the Confederation and 
the porcupine spirit, as if historical 
research had produced nothing 
new." 

The standard version of history, 
as summarized by Professor Meyer, 
is that, incensed over brutal repres- 
sion by the Hapsburg emperor’s 
envoys, the peasants of three can- 
tons in centra] Switzerland stormed 
and destroyed the castles of Haps- 
burg satraps, and, on Aug. 1, 1291. 
gathered on Rfltli Meadow in Uri 
Canton and took a solemn oath to 
unite .against foreign oppression 
and form a free and democratic, 
egalitarian and independent state. 

“Thai is false." Professor Meyer 
said. “It is not a question of inter- 
pretation but demonstrably false." 
He said that few historians would 
dispute the mythical character of 
the founding history. 

In the version accepted by most 
historians, no Hapsburg oppressors 
lived in central Switzerland in the 
1 3th century, nor was there an up- 
rising. What patriotic writers de- 
scribed as foreigners’ castles were 
manor booses owned by Swiss. 
They were not attacked but gradu- 
ally abandoned for the same reason 
that made the Hapsburg attach 
little importance to their Swiss 
holdings — the poverty and unpro- 
ductivrty of central Switzerland. 

The alliance of 1291 was merely 
an agreement after the death of a 
Hapsburg emperor to unite for self- 
defense because the Haps burgs had 
so little interest in protecting the 
region. 

Professor Meyer said that no evi- 
dence has been unearthed that the 
Tell figure existed. He became 


envoy in the 15th century. In later 
centuries, the professor said. Tell 
was put through many other guises, 
was made to die a martyr's death, 
and achieved near-saintly status in 
the Roman Catholic Church. 

The professor said he knew that 
he was treading on even more deli- 
cate ground in demythifymg the 
Rfllli meadow saga. So sacred is the 
meadow, that, when World War II 
began, the commanding general of 
the Swiss Army gathered all offi- 
cers there to pledge them to defend 
the homeland. 

“Nothing happened on Rfltli in 
1291 except some cows grazing. 
Professor Meyer said. 



Gunmen Murder 2 Schoolgirls 
Who Went Unveiled in Algiers 


_ , _ MidurtE»*ufirt>A**»cr Frence-Prror 

RUSSIAN MINERS* PROTEST — More titan 500 coal miners gathered in Moscow on Wednesday to demand better wages. For 
the last few months, coal miners have been receiving only about one-third of their salaries because the industry is short of money. 

NOODLES: A Factory’s Twists and Turns Show Path of Russian Reform 


Continued from Page 1 

area, incumbent managers were 
tossed out at 29 factories, an offi- 
cial said. 

The turmoil at Vermani in some 
ways is what reformers in Moscow 
hoped for when they launched the 
fastest and most ambitious sell-off 
of state property ever attempted. 
The reformers warned to break the 
mentality of the old Soviet five- 
year plans, cut industry's depen- 
dence on central planning and 
open the way for a new generation 
of entrepreneurial managers who 
would embrace notions of supply 
and demand, profit and risk. 

But the Vermani story also 
shows tremendous roadblocks in 
the system that keep privatized 
firms from operating as a college 
textbook might predict. A monop- 
oly flour supplier, entrenched state 
and local bureaucracies and an 
overall economic slump have con- 
spired against an early rebound for 
the noodle plant 

If the ultimate goal of privatiza- 
tion was to provide jobs, increase 
production and build a constituen- 
cy for change. Vermani cannot yet 


nance director of Alfa CapitaL 
Large men guard the front door. 
DHL envelopes and Filofax note- 
books bespeak an international 
connection. 

When President Boris N. Yeltsin 
issued privatization vouchers to ev- 
ery Russian as a stake in the Soviet 
economy being dismantled. Alfa 
swung into action, offering to buy 
vouchers in exchange for shares in 
an investment fund. Aided by a 
Western-designed television cam- 

■ .1# tT . _ ji j.v n -j 


forged a coalition of young workers not have to install yet another new 
and the Alfa fund to squeak into director at VenuanL but they did 
office. not rule out the possibility. 

But Mr. Kuzmin is not entirely Meanwhile. Mr. Kuzmin has 
happy. First, he said, the Saratov hired Tetrapak to design a bright 
flour mill, still state-owned and the yellow box for his spaghetti, coin- 
only supplier within hundreds of pleie with a new company logo. He 
kilometers, stopped selling flour af- is advertising in underserved mar- 
ter Mr. IGiutov was ousted. The kets in Siberia and northern Rus- 
head of the mill was more interest- sia. And he is seeking to attract 
ed in supporting Vermani’s old di- Western investors, offering a con- 
rector than in doing business with trolling stake in his company for 8n 


it. Mr. Kuzmin said. 


investment of S3.5 million. 


?AuR«^^ShU5. r Then the local Anti-Monopoly 
«r the Committee, still womed about so- 


local Anti-Monopoly “But that’s just a starting offer." 
still worried about so- Mr. Kuzmin added. “Were pre- 


cy ror cnange. vermani cannot yet . “IT” v v"r. 

be judged a success. Its payroll has ™*f RS lll a “ d 

declined from 320 to 300, and it is S? JfcLSf JSLfES: 


lion vouchers, making it one or the sun women anoui so- >* . Mmnm auuc 

largest of the newsS* funds. cial um«t. clamped a 15 percent pared to negouate. 
“ , , , , ... profit limit on Vermani to keep 

Using rubles and vouchers. Alfa p frees down, arguing that, as the 111 

bought sizable stakes in about 50 onjy noodle maker in Nizhni, the * 

companies, taking positions on the factory co nst i lutes a monopoly. I ,H I 1 11 A 
boards of directors of 10. Mr. Meanwhile, the local bread bu- 
Smolkin said. Eventually, tt hopes reaucracy, having turned itself into Contim 

to establish a brand name linking a -private association." offered io _ 

the factories and signifying quality, intercede with the Ami-Monopolv w0l ^ kee I 

Alfa liked Vermani because it Committee to raise the profit limit ^ a ‘ 

was one of the country’s five big- ^ P c T cent ' ^ Mr. Kuzmin said. * yi c i aMe ™ 
gest pasta makers; because it was Vermani kicked back 7 percent to m ec 

outside Moscow, where prices are the association. Korea does not c< 

inflated, and because it already T r 9, us ’ nature ly. this is rob- allowing inspectors 
owned modem Italian pasta-mak- beiy, he said, explaining his ref us- \ gcnc y f t 

^AUheauction last June, the fac- Chbese acti 

lory workers and managers held SfecJjSfi? a choosing the least 

onto .non: than Mf to nock. ^ of 'SSa^ SS»S 


By Youssef M. Ibrahim 

Nr* York Times Service 

PARIS — Suspected Muslim 
fundamentalists in Algeria killed 
two unveiled schoolgirls on 
Wednesday, marking a bloody en- 
forcement of a vow made last 
month that women who do not cov- 
er their beads in public would join a 
long list of targets that indudes the 
Algerian Army, police, intellectu- 
als, artists, journalists and foreign- 
ers. 

The murders of the two girls. 
Raziqa Meloudjemi. 18. and 
Naima Kar AIL 19. were not the 
first of women by fundamentalists 
seeking to overthrow the govern- 
ment About 30 women have been 
killed in the last two years either 
because of their association with 
secularist causes or with men who 
were targets of the fundamental- 
ists. 

Bui the assassination of the two 
girls marks the first unmistakable 
targeting of women in a public 
street in the capital for failing to 
cover their heads. 

The girls were killed at a bus 
station in Algiers by gunmen riding 
a motorbike. 

A senior political Algerian figure 
said Wednesday that the nation 
was headed toward a Yugoslav pat- 
tern of dismemberment that could 
degenerate within a few months 
into warfare embroiling fundamen- 
talists, secularists, army officers 
and large segments of the country’s 
ethnic Berbers. 

Said Saadi leader of the Assem- 
bly for Culture and Democracy, 
spoke during a brief visit to Paris to 
seek popular and governmental 
support to retain Algeria’s secular- 


dTs party has also gained many 
adherents among secularist Algeri- 
ans who oppose what he describes 
as “the Islamic project Tor Algeria." 
This is because Mr. Saadi is one of 
the few declared opponents of both 
the government and fundamental- 
ists who still lives in Algeria. 

These developments are taking 
place against the background of a 
healed debate in the ruling circle of 
army officers and civilians, accord- 


ist character. The Assembly for ing to knowiedgable Algerians and gerian officials said 


CHINA: Beijing Offers the UN a Mild Draft Statement on North Korea 


operating at less than half its ca- lu 

pa^Taccording to its new general 
director. Vladimir Kuzmin, 

Still Mr. Kuzmin, until recently percent for an investment of about 
Vermani’s chief engineer, allowed $250,000. That was enough to 
himself a half-smile as he explained shake things up. 

the biggest difference now. “It’s fci - .... 

certainly not boring." he said. u By December. Alfa s managers 
- * had decided that the incumbent 

From Mr. Kuzmin's spaghetti general director, Alexander Knu- 


onto ™ it. mi swet a5~ansfsriM 

tanks to preferential pnccs tali Street. Mr. Kuzmin Kcns«i Alfa of 
into the pnvauzatton program. The interfere**. 


Continued from Page 1 

council would keep a close eye on the situation 
and take further action if necessaiy. diplomats 
said. 

The clause is seen as a thinly veiled threat of 
possible future economic sanctions if North 
Korea does not come into full compliance in 
allowing inspectors of the International Atomic 
Energy Agency full access to all its nuclear 
installations. 

The Chinese action appeared to be aimed at 
choosing the least unpalatable alternative of 
initiating a mild statement instead of accepting 
a tougher one proposed by other delegations, or 


block a resolution that imposed “minimum 
requirements" on North Korea to open its 
suspect nuclear sites to inspection. 

American officials had already said they ex- 
pected that if Beijing did not support UN 
action, it would at least not veto it. but Mr. 
Han’s assessment was considered authoritative 
after his trip to Begiug with President Kim 
Young Sam of South Korea. 

“The Chinese are on board in the sense of 
discussing the form and the content of the 
Security Council measure," Mr. Han said at the 
Slate Department. 

“We’re still talking." Mr. Han said. “There’s 


being forced to abstain on. or even veto, a - no conclusion as to which way it would go. We 


line, it is 400 kilometers and a 
world away to the gleaming desk of 
Igor SmoUciiu the 24-year-old fi- 


3' CrS SoMr. Kuzmin has barred Alfa’s 

id Alfa emerged with about _5 representatives from strolling the 

fSoiy floor, in a move he hopes 
50.000. That v-as enough to ^ i m p et j e [heir stock purchases 
ake things up. from workers. He is frying to knock 

By December. Alfa’s managers one of Alfa's two representatives 
id decided that the incumbent off the board. “We're ready to stage 
neral director, Alexander Knu- a fight," he said, 
lov. was not the man to lead Ver- Back in Moscow. Alfa's finan- 
mani into the future. And on Dec. ciers shrugged off the criticism- 
19. the chief engineer. Mr. Kuzmin, They said they hoped they would 


formal resolution. 

In Washington, meanwhile, senior American 
and South Korean officials expressed confi- 
dence that the United Nations would find a 
way to settle the crisis. 

The South Korean foreign minister. Han 
Sung Joo. who came to the United Stales after 
talks in Beijing, said that China would not 


are fairly certain about the content of either the 
resolution or the statement, and (hat means 
(here would be certain minimum requirements. 
So we’re quite comfortable with the way things 
are going now." 

Secretary of State Warren M. Christopher 
said the U.S. and South Korean positions were 
"completely congruent-" 


FIRST LADY: Documents Detail $100,000 Gain 


i: W&fzMk 




»• - ri 
.•i- 


Continued from Page 1 

she was trading the year before or 
the year after." he said of Mrs. 
Clinton. 

The trading records For Mrs. 
Clinton's account at a commodities 
brokerage firm in 1978 and 1979 
were provided to reporters on 
Tuesday to refute a Newsweek re- 
port asserting that she did not put 
up any of her own money. As re- 
cently as last Friday, the White 
House had declined to say how 
much money Mrs. Clinton invested 
in commodities. 

“Mrs. Clinton put up her own 
money, invested it in her own ac- 
counts. and assumed the full risk of 
loss," said a statement issued by 
her press secretary. Lisa Caputo. 
and the White House staff secre- 
tary, John Podesta, 

White House officials have said 
that Mrs. Clinton began the trading 
in October 1978. when Bill Clinton 
was the Arkansas attorney general 
and about to be elected governor, 
on the advice of James Blair, adose 
friend who was then an outside 
lawyer for Tyson Foods. 

An official described Mr. Blair, 
now general counsel for Tyson, as 
an “important adviser" who was 
“active In the markets'* and helped 
Mrs. Clinton. The official said she 
also “talked to other people” and 
read The Wall Street Journal to 
research her trades. 

The Wall Street Journal reported 
Tuesday that her broker. Robert L. 
Bone of the Springdale, Arkansas, 
office of Refco Inc., was accused by 
commodities regulators of allocat- 
ing profitable trades to some inves- 


tors and losing investments to oth- 
ers. He was disciplined in 
December 1979 for "serious and 
repeated violations" of various re- 
cord-keeping and other procedural 
requirements. 

But a White House official said 


three months, she had profits of 
S49.069 and losses of $22,528, raak- 
ingher net gain $26,541. 

The next year. Mrs. Clinton 
made profits of $109,600. and lost 
$36,600. for a net gain of $72,996 
from January through July, when 





Bar 


*.*• .'A 


He said the United States would be working 
for a UN resolution, but was consulting all the 
parties involved. 

But Mr. Christopher also acknowledged he 
was willing to consider a statement rather than 
a formal resolution because "the content is 
probably more significant than the form." 

(Reuters. AFP } 

■ Confidence in Seoul 

President Kim returned home on Wednesday 
from a weeklong visit to Japan and China, 
saying he was confident that North Korea's 
nuclear ambitions could be thwarted without 
war, Reuters reported from Seoul. 

"I have a Giro belief we can defeat North 
Korea without any fighting and we can main- 
tain peace and stability on the Korean peninsu- 
la." Mr. Kim said. “I confirmed to Chinese 
leaders that South Korea has never had any 
intention to absoib the North or isolate iL 
Rather, I told them we were readv to help the 
North." 


• r.> 

• , a ■ -1 ‘ '-* ■ 




Mis. Clinton “had no knowledge of she stopped trading. The White 
any allocation of trades." The offi- House indicated the difference 
dal added: “She lost money in that came in the rounding off of figures, 
account on several trades. Beyond A White House official said she 
that, we really know nothing about stopped trading after becoming 




dal added: “She lost money in that 
account on several trades. Beyond 
that we really know nothing about 
it" 

The White House said Mrs. Clin- 
ton traded through two separate 
accounts in Little Rock and 
Springdale. 

In her main account, with Refco. 
she invested $ 1.000 cash in October 
1978. made a profit of $5,300 the 
next day, and continued to reinvest 
the printipal and proceeds. Over 


White House Rudies 
To Mrs. GUntcn’sAid 

Reuters 

WASHINGTON — The 
White House defended Hillary 
Rodham Clinton on Wednes- 
day against insinuations she 
was a money-grubber. 

The presidential counsellor. 
David Gergen. told C-Span 
television that Mrs. Clinton 
had one of the lowest salaries 
of partners in the Rose Law 
Firm in Little Rock. Arkansas. 

“Instead of going after 
money in that law firm, she 
gave a lot of her time free, to 
various public activities." he 
said. 



pregnant 

From her initial investment of 
$1,000, her gain was $99t537 from 
October 1978 through July 1979.^ 

Although the White House said 
Mrs. Clinton stopped trading after 
she became pregnant, she opened a 
second account, through the stock- 
broker Stephens Inc. in Little Rock 
with $5,000 cash in October 1979. 
the month that she closed her 
Refco account. She had small net 
losses in 1979 and 1980 totaling 
around 5 1.000 before she closed the 
account in March 1980. just after 
Chelsea was bom. 

“It was a bull market." a White 
House official said. “A lot of peo- 
ple made a lot of money." 

The monthly account statements 
made public demonstrate just bow 
quickly that money could pile up. 
From her initial $1,000 investment 
on OcL 11. 1978, Mrs. Clinton 
made a total of SI9.427 in the next 
20 days. 

“The first lady was fortunate 
enough to be involved in that mar- 
ket which virtually doubled in 
price, going from 40 cents a pound 
in January 1978 to 80 cents a 
pound by April 1979." said Mr. 
Sander. 



Bratislava 


Bacaresti 


Budapest 


Sr r.. Z 2 !5 

Frankfurt 


r of.vi--;'. r 




"V-- j&z&yi ' 


Inf _ 

1941 . 


Culture and Democracy is a vebe- foreign diplomats in Paris. It cen- 
mently anti-fundamentalist politi-- tens on ways of dealing with the 
cal party that advocates the total challenge by fundamentalists: 
separation of mosque and state. whose violence has caused the 
“It is not a secret that several deaths of about 4,000 people in the 
self-defense groups are forming in last two years and brought a creep- 
Algeria," said Mr. Saadi. “Sdf-de- ing paralysis over the functioning 
fense groups are mushrooming of the state, 
wherever the government appears Over the last year the insurgency 
to have resigned its functions in has turned into a near-civil war and 
maintaining law and order. There is also brought the death and injury 
nothing that says that democrats of at least 33 foreigners who were 
cannot defend’ themselves with specifically taigeted by the funda- 
anns." men t alists in an attempt to discour- 

Giving some credence to his pro- age any foreign support for the 
dictions, a secularist vigilante government, 
group called the Organization of According to several former and 
Free Young Algerians vowed current government officials. Prej>i- 
Wednesday in tracts distributed in dent Lamine ZerouaL an army offi- 
AlgtCTS to kill 30 veiled women and cer installed as president in Junu* 
Muslim fundamentalist men. The ary by the group of army officer* 

r p has taken responsibility in and civilians who have by and large 
past few months for acts of ruled the country ever since inde- 
violence against fundamentalists. pendeace from France in 1962. has 
Mr. Saadfs comments carry par- begun secret talks with the jailed 
dctilar weight because his party en- Muslim fundamentalist leader Ab- 
joys considerable support among bassi Madam, who heads the Ls- 
Algeria’s 3 million to 4 million Ber- lamic Salvation Front, 
hers, of the mountainous Kabiliya Tire front is a militant party that 
region. While they are devout Mus- was officially banned two years ago 
liras, the Berbers are nevertheless after the authorities canceled the 
fiercely secularist and are Franco- results of elections won by it and 
philes in their political and cultural jailed most of its leadership, in- 
orientations. duding Mr. Madam. 

In the past few months, Mr. Saa- Mr. Zeroual's objective, officials 


wing Mr. Madam. 

Mr. Zeroual's objective, officials 


say. is to attempt to strike a com- 
promise that would give fundamen- 
talists a share in power in muni for 
ending their campaign to over- 
throw the ruling group and install 
an Iranian-style Islamic republic. 

The talks are adamantly opposed 
by a vast group of mhkUe-levd and 
senior army officers who advocate 
a further toughening of army and 
police action to stamp out the fun- 
damentalist insurgency, senior Al- 
gerian officials said Wednesday. 


sIiT 'Jf.-Jf' 


Hamburg 

Helsinki ; 

Sap. 23.25 : 


Ssp. 23.'r ••• : 




Madrid 

tie?. 2Z.Z0 

Milano 

dcp. -3.15 

Mfinchen 

dec. Z 2 .Z; 

Paris 

ttec.CS.iJ 

Roma 

tic,:. !5.r5 

Stockholm 

da,-?. Cj.:s 

Stuttgart 

flep. iC.CS 

Torino 


riV.j 


r 'v 


jlj£' ^ 

£ ■; /- 

mm '* 1 .•••' 


‘ i?*^bSp 5t i. * 

v: 

1 - . /jfn .-'5 *. • 








-v* 

mm- 




“'rV* At'-v.- v.‘ 4 

O. / 

. .■ ■; ’C - 


Moikwa 

srr :5 T.? 


Odessa 

->r- *e 


St. Petersbarg 

E*r. 15.15 


Timisoara 


Tlranfi 

rr. l-f.C-5 


Washington & World Business 

THE OUTLOOK FOR GLOBAL PARTNERSHIP 
WASHINGTON ■ APRIL 21&22 ■ 1994 


Torino 

ds;.:3.-.= 

Venezia :: 


• -'V:}. • ; VHnlos 

f : . ; ;:r 14.55 


ET-f 

Ziirieh ■ 


' ' ' r ' Warsrawa 

jj . L. J K.is.a 


Zuridi 

irU 


The conference will assess 
the implications of 
President Clinton's foreign and 
domestic economic policies for 
international business. 


■o-r . —"1 ;TIS 


For more details, contact: 
Jane Benney 

International Herald Tribune 
63 Long Acre. London WC2E 9JH 
Tel: (44 71) 836 4802 
Fax: (44 71) 836 0717 

HcralbSSribunc 


If you do business with Eastern Europe, you’ll probably keep running up against 
questions like “What’s the best way to get from London to Tirana?" or ■'Which airline will 
fly me from Amsterdam to Odessa?" or "Which is the fastest connection from Milano to 
Bucharest?". For answers to questions like these, consult the Austrian Airlines Timetable. 
For decades now. we at Austrian have been operating ideally coordinated services between 
Eastern and Western Europe. As the table shows, the best connection between West and 
East will tend to be with Austrian Airlines. Any travel agency or Austrian Airlines Office will 
be glad to provide details of the good connections we maintain for you in Eastern Europe 


Departure and arrival times as of March 27 1994 





. r 




Th 


u 


■ 12 * 


C .ls 


M’ 


16 


29 


Ueralh 


INTERNATIONAL 



tribune 


PUBLISHED WITH THE NEW YORK TIMES AND THE WASHINGTON POST 


- II 
Hfc> 


£ 



w. 


-1*1. 

23 3 . 

44! 

59 

2D'. 

33 

29! 

r Jl 3 


Enter a Populist Right 


( 20 ! 


fir 

11* 

46’ 


III. 


Political upheavals tend to be messy, and 
Italy’s ballot box purge of its postwar political 
class is no exception. The leaders of the vic- 
torious right-wing coalition are already bead- 
ed off in contradictory directions, leading 
disappointed losers of the left and center to 
predict a rupture before a new government 
can be formed next month. 

Whatever their hopes, this fact remains: a 
new, often demagogic populist right has won a 
decisive triumph that cannot be conjured 
away. The center has been utterly discredited 


1 19' 
H> 
32- 

S2? 

lap 

13' 

3P 
33 
- 13 
70 - 
3d 1 


.42 
2 i 
S2 
33 
22- 


14> 


end of the Cold War, has bear unable to 
broaden its appeal. The rout of the main 
postwar parties is dose to complete. 

Meanwhile, what many outsiders think of 
as the real Italy — the dynamic, part entrepre- 
neurial, part governmental economy that has 
survived, even thrived during decades of mis- 
government and corruption — remains un- 
touched, at least for now. In fact, the man who 
seems likely to be the next prime minister. 
Silvio Berlusconi, is also the country's biggest 
media magnate, with an empire that indudes 
merchandising, financial services and sports. 
Yearning for a dean new start, Italians have 
paradoxically embraced a pair of parties with a 

Hnhim w; history and a jpan whn incarnates both 

the glories and the excesses of the recent past 

The election’s biggest losers were the Chris- 
tian Democrats, So cialis ts and other allied 
parties that dominated governments Tor more 
than four decades. Many of their leaden: face 
criminal charges of corruption. Almost as bad- 
ly hurt was the Democratic Party of the Left 
successor to the Communists. Although it fin- 
ished second overall its surprising inability to 
exploit the ooflapse of its traditional ovals 
leaves its future in some doubt 

The winners, alarmingly, indude neofas- 
dsts and north Italian regional chauvinists, 
classic outsiders who are now in a position to 
claim the spoils of office. 

But the biggest winner of all seems to be 
Mr. Berlusconi, a man of no particular ideolo- 
gy who entered politics only two months ago. 


His slid: and professional media campaign 
exploited vague slogans and flattering camera 
angles to position its candidate as at once a 
radical agent of political change, a reassur- 
ingly successful business leader and the lat- 
est champion of the Christian right against 
the eternal Red perfl. That combination 
proved a sure-fire' formula for vote-getting. 
But it could turn into a confuting prescrip- 
tion for governing. The confusion can only 
be confounded by the quirky quicksilver co- 
alition that Mr. Berlusconi rode to victory. 

His main ally in north and central Italy was 
Umberto Bossi who rose to prominence by 
ur ging these more prosperous areas to loosen 
their political and financial ties with the eco- 
nomically more backward south. But in the 
south, Mr. Berlusconi joined forces with the 
neofascist National Alliance, which stands 
above all for Mussoiini-style strong central 
government and national unity. 

On Monday night, joyous neofascists 
cruised Rome’s Piazza del Popolo shouting 
“Duce” and offering straight-armed salutes. 
Mussolini's granddaughter, re-elected in Na- 
ples, declared the neofascist breakthrough to 
be “like a dream.” 

Grand, if somewhat unsettling theater. But 
Italy does have serious problems of gover- 
nance. I ts public debt of S 1.1 trillion is among 
Europe’s highest, as is its budget deficit of 
□early 10 percent of current output. And 
despite Mr. Berlusconi’s personal triumph, 
there is a question about whether the occult 
business practices underlying Italy’s econom- 
ic successes can survive continued investiga- 
tion by independent prosecutors and the rail- 
ings of unpredictable partisans like Mr. Bossi. 

As Italy takes its place within an increas- 
ingly integrated European Union, these is- 
sues will assume increasing importance, per- 
haps transceading the old divides of left and 
right, north and south, centralist and feder- 
alist that shaped this election. Italy’s friends 
abroad must hope that despite discouraging 
appearances, the voters' wishes for modern- 
ization, renewal and higher ethical standards 
will be rewarded. 

— THE NEW YORK TIMES. 


An Unsettled Coalition 


To understand Silvio Berlusconi, the leader 
of (he right-wing alliance that won Italy’s 
elections on Monday, imagine someone who 
combines the advantages of Ross Perot. Ru- 
pert Murdoch, Ted Turner — and that think a 
liule bigger. Within two months, Mr. Berlus- 
coni organized his own party from scratch, 
created an alliance with two other political 
parties, used his own publicity and publishing 
empire to craft his popular, upbeat message, 
and then blared h out on his own television 
stations, which are watched by about half of 
the Italian audience. 

The triumph of the 57-year-dd Mr. Berlus- 
coni was made possible by a two-year corrup- 
tion investigation that ensnared most of the 
country’s political leadership and crippled the 
centrist Christian Democrats and their tradi- 
tional coalition partners. Italy was ready for a 
big change. But until Mr. Berlusconi came on 
the scene, that change looked to be a victory 
of the Democratic Party of the Left — the 
renamed former Communists — and its allies. 
The centrist parties were not strong enough to 
beat the ex-communists, and they had al- 
ready won local elections against their other 
main competitors: the ncofasdst National Al- 
liance and the Northern League, which wants 
to loosen northern Italy’s ties to the rest of the 
country and stop the flow of tax dollars from 
the wealthy north to the power south. 


Enter Silvio Berlusconi who argued that 
only fie could save Italy from c ommunis m. He 
formed his Foiza Italia party and then made an 
alliance with the neofascists and the Northern 
League, promising free enterprise, lower taxes 
and an economic renaissance. His campaign 
against the old order was ironic in part be- 
cause his near monopoly on private television 
stations was granted him largely through the 
good offices of former Prime Minister Bettino 
Graxi, who was discredited in the very scan- 
dals that gave the newcomer his opening. 

Mr. Berlusconi’s victory leaves many 
questions unanswered. His coalition is po- 
tentially unstable because it combines three 
different definitions of “the right** — Mr. 
Berlusconi’s own conservative philosophy, 
the neofasdsts’ preference for a strong, cen-l 
tralized state, and the Northern League’s 
federalism, rooted in a hatred of the central 
government. The league gets almost all its 
votes from the north, the neofasdsts more 
from the south. Will this not make forming a 
government harder than winning an elec- 
tion? And, next question, what does Mr. 
Berlusconi really Want? His companies face a 
large debl and his leftist opponents argued 
that what he wanted was simply control of 
the Italian state to prop up his financial 
empire. The voters did not agree. 

Act II of this drama could be as interesting 
as Act I has been surprising. 

— THE WASHINGTON POST. 


No News lor the Chinese? 


No serious newspaper would silence its 
political reporters or drop its editorial page 
because some powerful government objected 
to what the paper was saying. Newspapers 
often run into such objections. The good 
ones grit their teeth, put up with the ban that 
the angry government may slap on than, and 
carry on unchanged. 

This may not be, it seems, how Rupert 
Murdoch sees things. The decision of his 
STAR TV network to drop the BBCs news 
service from its satellite broadcasts to China is 
gping to make people ask questions both 
about satellite television in general and about 
Mr. Murdoch's view of his responsibilities. 

It was never going to be easy for him to 
make a profit on the $525 minion be put into 
STAR TV last year. It got harder when the 
Chinese government expressed its dislike of 
the BBC’s vigorous news coverage, included 
in STAR’S service, and then made it trickier 
for ordinary Chinese to get hold of the dishes 
they need to see satellite television. Neverthe- 
less, Mr. Moxdoch’s decision is wrong. 

He will no doubt say that a satellite service 
has to provide what its audience wants, which 
among other things means that a continent- 
wide system like STAR — it reaches from 
Jerusalem to Jakarta — needs to offer differ- 
ent things to different countries. Correct. But 
one of the things any audience wants, any- 
where, is a supply of news and political analy- 
sis. The BBCs admirably objective supply of 
those things is watched with pleasure by many 


other Asians. There is no reason to think the 
people of China do not want to watch it, too. 

It is also true that a satellite network own- 
er’s relationship to his product is not always 
quite the same as that of a newspaper owner 
to his. Over China, for instance, most of what 
STAR earns will for some yean probably 
come from the advertisements it carries, not 
from the viewers inside China; and advertis- 
ers can be loath to offend powerful govern- 
ments. But this does not change the final 
calculation. In the end, STAR’s success — 
and the advertisers’ — will depend on provid- 
ing the viewers with what they want, not what 
their government thinks they should have. 

Some people argue that none of this matters 
much because, before long, the march of tech 1 
oology will make it impossible for govern- 
ments like China’s to interfere with what 
people see on television; dishes will got too 
small to snoop alter, and so on. Maybe. It is 
also posable that the snoopers' counter-tech- 
nology will get better, too. Anyway, the argu- 
men t that it is all right to kowtow now because 
it may not be necessary to kowtow later is 
hardly one to be proud of. 

At bottom, satellite televirion is just one 
more medium of communication. The rest of 
the media know what the rules are. Those wbo 
do the communicating have an obligation to 
those they communicate with This includes 
an obligation to provide them, if they want it, 
with a source of honest news. 


INTERNATIONAL HERALD TRIBUNE. 



International Herald Tribune 

ESTABLISHED fSS? 

KATHARINE GRAHAM. ARTHUR OCHS SULZBERGER 
Co-Chairmen 

RICHARD McCLEAN. Publisher £ Chief Executive 
JOHN VINOCUR, Executive Editor <£ IVtf President 
■ WALTER WELLS. • SAMUEL ABT. KATHERINE KNORR and 

CHARLES MITCHELMORE, Deputy Editm • CARL GEWIRTZ. Assotimr Editor 
•ROBERT l. DONAHUE, of the Editorial Paces ■ JONATHAN GAGE, Business and Finuricc Edhor 

• REN£ BOND Y. Deputy PubBsher • JAMES McLEOD, .Athvrtising Director 
• JUANITA L CASPARS huenxaiiwxjl Devei>f merit Dsn***- • ROBERT FARRE. dnuhakn Direr**-. Eunyv 
Direcvurth: hi PuhBmlim : Richanf D. Smmms 


hjtemmkral Herald Tribune, 181 Avenue Charies-de-GauDe, 92521 NeuiDy-sur-SeiiE, Frame. 
Td. : 1 1 14637.9X00. Rut ; Grc, 46370631; Adv_463732- II Internee WT@euidcomie 
Editor for Asia: UkhaH Rtchardsnt, 5 Ctnefbury fkL Singapore 05! 1. Td (65) 472-77KS Fax: ftf5l 274-2334 
Meg. Dir. Asia. Rolf D. KnmepuhL 50 Gbuttner RtL Hong Kong. Td SS2-9222IISI Far B&VS-im 
Gm. Mgr. Gonmy W! Laaahach, Friedrichs*. 15. 60323 Fn*ifiiriAl TtL | OSty 72 6755. Far \0EP) 72 73 10 
P/B.US: Midori Omni. /ISO ThmlAw „ New Ytwi. N.Y. 1(021 Td (212) 752-im Far (212 1 7S.M785 
U.K. Advertising Office: *3 Long Acre. London WC2. Tel f 07/1 ,S36~m2. Fax : {071) 2-W-2254. 
SA. au capital Je 1.20U.WU F. RCS Nanierre B 7 3202/126. Commission Parihiire iV,». 61337 
4? / W. Imcmstend Herald Trtfune. AH riffat rrsennL HSK- rtMMTCI 




f Are you craay? NOBODY goes to Florida anymore ! 9 


Needed, a Security Package lor Russia and Europe 


P ARIS — Conscious hardening of Russian for- 
eign policy is clear after some two years of 
focus cm domestic troubles and seeking supportive 

instant theme erf 


By Flora Lewis 


agreements with the West. The constant 
the many Russians who spoke at a two-day confer- 
ence in Paris last week organized by the Institut 
Franqais des Relations Internationales was the 
need to give primacy to Russian national interests. 

It was also dear that Moscow has not yet man- 


aged to define its interests. There are vague refer- 
ences to borders of the former Soviet Union, to 


status as a great 


but no real concept 


power, i 

Everything coming from Moscow these days indi- 
cates that the underlying concern is much more 
emotional than anything strategic or geopolitical 
Moscow, including its increasingly important mil- 
itary es tablishme nt yearns for the standing that it 
feels was lost Vladimir Adamishin, first vice minis- 
ter for foreign off airs, kept stressing the demand for 
“full-fledged partnership” in world affairs. The ene- 
my has no face; it is whoever wants to see Russia 
kept down, weak without influence. Beyond restor- 
ing its sense of importance and capacity. Russia 
doesn't know what it wants. 

This is a crucial opportunity for the West. It won't 


last long. This is a ume when the West can propose 
the outlines erf a satisfactory and safe relation which 


can m gngg the Russians, provide reassurance, and 
shape their strategic ideas — which are bound to 
emerge, if not coherently then willy-nilly, and per- 
haps dangerously, in response to perceived crises. 

For that, the West must know what it wants and 
be able to offer a package with evident common 
advantage. It requires specific proposals, backed 
with understanding of Moscow’s fears. That is how 
a brilliantly managed seven months of diplomacy 
brought the peaceful unification of Germany with- 
out unraveling the Western alliance. The key de- 


ments are induding Russia by right in the Group of 
Seven, opening NATO to former satellites in East- 
ern Europe; ana finding a formula to accept Russian 
involvement in peacekeeping among ouxr Soviet 
successor states under international constraints. 

Turning the group of (he seven weightiest indus- 
trial states into a formal Group of Edit has the 
advantage of ikh being institutionalized, of provid- 
ing a venue where each member can say what should 
be discussed, of derision by consensus, and yet 
ensuring wariwide recognition of eminence. It start- 
ed as an economic forum, but, as Germany's Hel- 
mut Kohl has suggested, technical economic issues 
can be separated from political consultations. 

Already Germany, France and Britain have ex- 
pressed support — but without the necessary 
trade-off. which would be NATO assurance for (he 
countries between Western Europe and Russia. 
Moscow has successfully vetoed this so far cm the 
grounds that it would be unequal treatment, exclu- 
sionary and therefore potentially hostile. 

The answer should be: “Yes, you will be treated 
differently because you are different You are big 
and powerful with interests in many parts of the 
globe. You must be at the top table, where the big 
issues arise and your voice has special resonance. In 
return, you must see (hat your western neighbors, 
who have their fears, with historical reason, can’t be 
ignored and squeezed out” Mr. Adamfehm said 
nghlly that the Wt security for others is “a sturdy, 
democratic Russia." adding “We hare no imperial 
ambition.” Moscow should be reminded that neigh- 
bors who feel secure are more likely to be friendly. 

It is unlikely that Russia would even want to join 
NATO, once it gets down to a serious study of 


Clinton Is Wrong to Trim Support lor Macedonia 


ASHINGTON — The influen- 


pouucai 

lobby has rolled President Bui Clin- 
ton bads from his declared intention 
to establish full diplomatic relations 
with Macedonia, despite urgent pleas 
to Mr. Clinton from Macedonia's 
president for visible support for bis 
tottering government. 

The white House derision to delay 
a major foreign policy initiative 
backed by (he Slate Department will 
add fuel to criticism of the Clinton 
administration for letting domestic 
political interests take precedence 
over foreign policy priorities. 

Greece, fearful of the former Yu- 
iv republic’s alleged designs on 
northern Greek province that is 
also named Macedonia, has institut- 
ed a brutal economic blockade that 
could destabilize President Kiro CHi- 
'’s centrist regime in Skopje. The 
k campaign works at cross-pur- 
poses with Mr. Clinton's derision to 
deploy about 300 American peace- 
keeping troops to help stabilize Mr. 
Ghgorov’s government 
That deployment spurred Mr. Gli- 
gorov’s hopes that the Democrats 
would stand more firmly against the 
Greek- American lobby than did 
George Bush and Fun Baker, wbo re- 


By Jim Hoagland 


fused to recognize Macedonia (and 
lose votes) when it declared indepen- 
dence two years ago. Mr. Baker prom- 
ised the Macedonians that they would 
get recognition after the 1992 UJ5. 
election, but he was unable to deliver. 

On Feb. 9, Mr. Clinton wrote to 
Mr. Gligorov saying that the United 
Slates would “proceed with the im- 
mediate establishment between our 
countries of full diplomatic relations 
with permanent missions” race Mr. 
Gligorov gave assurances about es- 
tablishing a free market economy, 
protecting human rights and living 
up to international agreements. 

Copies of Lhe correspondence 


show that Mr. Gligorov responded 
I Mr. Clin- 


immedialely, meeting all 
ton's conditions. At the State De- 


partment, the veteran diplomat Vic- 
tor Comras was tipped as the first 
American ambassador in Skopje. 

That was before Mr. Clinton, Vice 
President A! Gore and the National 
Security Adviser Anthony Lake met 
with Senator Paul Sarbanes, Demo- 
crat of Maryland, Greek Orthodox 
Archbishop lakovos and 14 other 
prominent Greek-Americans at the 
White House on March 9. No State 


Department officer was present, al- 
though Secretary of State Warren 
Christopher had been urging Greece to 
lift the blockade immediately. 

“The president told us at the meet- 
ing that he would not take the second 
step” of putting an embassy in Skop- 
je “until some progress was made” in 
the bitter dispute between Greece 
and Macedonia, said Andrew Mana- 
tos, a consultant wbo works on 
Greek-U.S. relations. “The policy he 
outlined there is very consistent with 
what Greece would like it to be.” 

Significantly, Mr. Mutates said 
the president read from notes “that 
made it dear that he had already 
derided” what he was gang to do. 

Mr. Clinton’s decision was to delay 
implementation of fall diplomatic re- 
lations, make Mr. Comras head of a 
diplomatic liaison office instead of 
ambassador, and name Matthew Ni- 
metz as a special envoy to negotiate 
on Macedonia — even though the 
Greeks continue their blockade, and 


despite Mr. Gligorov’s Feb. 22 letter 
to Mr. C‘ 


Clinton stressing “the urgent 
need for establishing diplomatic rela- 
tions on the level of embassies be- 
tween our two countries as perhaps 


Playing Along With Terror in Haiti 


A LBANY, New York — A 
spasm of terror is convulsing 
Haiti, terror that recalls the Duva- 


By Amy Wilentz 


tier dynasty’s monstrous Ton tons 
routes. It is ii 


Ma routes. It is intended to quash 
forever any hope for tbe return of 
Haiti’s elected president, Jean- 
Bertrand Aristide. 

In February, the UN Civilian 
Mission to Haiti, a human rights 
monitoring team, investigated 40 to 
50 killings, 20 “disappearances” 
and nearly a dozen rapes in the 
capital of Port-au-Prince alone. For 
March, the team has already re- 
corded more than 20 deaths. 

A new organization is responsi- 
ble for much of the mayhem: tbe 
Front for Advancement and Pro- 
gress. It has developed grotesque 
tenor tactics, including disfigure- 
ment of corpses, wearing of hoods 
by attackers (a trademark of tbe 
Teutons Macoutes), burning of 
neighborhoods and a new phenom- 
enon for Haiti — rape used as an 
instrument of political violence. 

In recent weeks there has been a 
rash of “facial scalpings,” In which 
the killers slit open the skin of their 
victim's face and remove it. Then 


Alleast 10 rapes 

forces were reported last mont 
most of them of mothers, wives, 
daughters, sisters or friends of in- 
tended victims. That number may 
not seem high, bat in Haiti, where 
rape used to be exceedingly rare, it 
is ominous because it indicates a 
deliberate strategy on the part of 
the paramilitary squads. And in 
Port-au-Prince, where infection 
with the virus that causes AIDS is a 
growing threat, rape is an even 
more potent instrument of terror. 


In January, Mr. Monde, a former 
member of the Ton tons Macoutes, 
was chosen president of tbe Haitian 
Chamber of Deputies, which is now 
dominated by supporters of the 
military dictatorship. He is a dose 


associate of Haiti’s newest strong- 
Josenh 


Negotiations in Washington last 
lontfi u 


they dump the body on a garbage 
'3te5o(eil — ashan- 


heap. often in Cite : 
mown in Port-au-Prince infamous 
these days for its smoking pyramids 
of trash — as a warning to the 
slum’s traditionally militant sup- 
porters <rf Father Aristide. Recent- 
ly, several bodies turned up each 
morning amid the rubbish, some of 
them disfigured. 


month to resolve the Haitian situa- 
tion were a dismal failure. The Clin- 
ton administration made a grave 
error by including a Haitian legisla- 
tor, Frantz- Robert Monde, who is 
closely tied to the Front for Ad- 
vancement and Progress. He was 
there to support a U.S. State De- 
partment plan to end the crisis over 
Father Aristide's overthrow. 

The plan did not include even a 
cosmetic deadline for Father Aris- 
tide’s return, merely a vague provi- 
sion calling for a coalition govern- 
ment. It endorsed a broad amnesty 
for those wbo organized the bloody 
1991 coup and others involved in 

its aftermath. 

Mr. Monde’s trip to Washington 
coincided with the 'latest tide of 
terror in Haiti, evidence that the 
members of the front are not afraid 
of outside intervention. 


man, Lieutenant Colonel Josepl 
Michel Francis, wbo by all ac- 
counts largely controls tbe front. 

COlonel Francois is thought to 
control the illegal trade in gasoline 
and other goods that moss Haiti's 
border with the Dominican Repub- 
lic; which would explain why —in 
spite erf arms and oil sanctions 
against Haiti — the thugs now in 
power have fell tanks and are well 
armed. The Clinton adminis tration 
has shut its eyes to this traffic. 

It seems unlikely that President 
Bill Clinton wants to go down in 
history as the man who blocked 
Haiti’s last chance at democracy. 
Yei If he continues to ignore gross 
violations of international sanc- 
tions, be is speeding Haiti's tumble 
into chaos and gangsterism. 

Mr. Clinton should lean hard on 
the preadent of tbe Dominican Re- 
public, Joaquin Balaguer, abandon 
the worthless State Department 
plan, denounce tbtft&ror at large in 
Haiti and recommit the United 
Stares to the return erf Haiti’s demo- 
cratically elected government. 


The writer is author of “The 
Rainy Season: Haiti Since Duva- 
lier. " She contributed this comment 
to The New York Tunes. 


the most significant help” that Mac- 
edonia could get 

What caused Mr. Clinton to blink 
on Macedonia? Both supporters and 
detractors of Greece's position point 
to two politically influential presi- 
dential advisers as bring sensitive to 
the Greek-American and other ethnic 
lobbies: George Stephanopoolos, the 
personable young Greek-American 
wbo serves as Mr. Clinton’s top polit- 
ical aide and wbo was present at the 
March 9 meeting, and Nancy Soder- 
berg, the director of Mr. Lake’s Na- 
tional Security Council staff. 

Ms. Soderberg served as Senator 
Edward M. Kennedy’s senior foreign 
policy adviser before joining the 
Clinton campaign and then becom- 
ing tbe number three official on the 
NSC staff. She was deeply involved 
in Mr. Clinton's derision in January 
to overrule the State Department and 
gram a U.S. visa to a spokesman for 
tbe Irish Republican Army. 

She denies that she spoke to the 
president about Macedonia. But her 
political background and apparent 
influence on the president cause 
heartburn at the midlevds of the 
State Department 

Far more is at stake in the Greek- 
Macedonian dispute than bureau- 
cratic politics in Washington. Ihe 
Clinton administration inherited a 
foreign policy world with few fixed 
stars, and many new states that have 
ethnic constituencies in America. 
Presidents operating in this new era 
— particularly one elected by 43 per- 
cent of the vote — will be templed to 
lean toward domestic political fac- 
tors if tbe call is anywhere near close. 

Bnt Greece’s destructive policies 
are not a case of a dose calL They 
deserve President Clinton's condem- 
nation, not bis accommodation The 
diplomats, not the politicians, are 
right on this one. 

The Washington Past. 


For Major, 
A Damaging 
Climb-Down 


By Roy Denman 

L ONDON — Over the last 50 years 
/ there have been some bad times 
in the relationship between Britain 
and a uniting Europe. Yet in naivete 
and miscalculation Prime Minister 
John Major's last week in Europe 
could bear comparison with any. 

He picked a quarrel with Britain's 
partnos in tbe European Union on 
the arcane question of how many votes 
would be needed, after the entry of 
Austria, Finlan d, Sweden and Nor- 
way, to trigger a blocking minority in 
derisions of the Council of Ministers, 
At present, this requires 23 of the 76 
votes. After enlargement, the total 
number of votes wul rise to 90. So 10 
member-states thought the blocking 
minority should rise to 27 to prevent 
majority derision-making from bring 
weakened. Britain refused. Mr. Major 
insisted that Britain’s power to veto 
legislafiofl shook! not be reduced. 

'There was no need to pick this 
quarrel The last three tunes the 
Community, as it was then oiled, 
was enlarged the number of blocking 
minority voles was increased. Marga- 
ret Thatcher accepted this without 
flinching. Mr. Major could easily 
have followed suit, justifying the 


implications for itself. That has not started yet, but 
' already some military officials worry what being 
an ally of the West would mean to relations with 
China, Iraq, Iran and Central Asia. 

The bigger issue is the “near abroad,” where 
Russia wants some international endorsement of a 
special role. Realistically, it must be seen that no 
outside country wants the burden of intervening, 
and Moscow cannot be stopped if it feels that vital 
interests are al stake. Politically, (hen, there is 
much to be gained in endorsing a United Nations 
or CSCE mandate case by case. 

That would provide international monitors, in- 
ternational rules of behavior, even possible with- 
drawal of the mandate if rules were violated. It 
would bring less risk of Moscow reconstituting the 
old-style Russian empire by force than refusing to 
accept any responsibility, letting turmoil ana its 
response run their crane. 

Moscow has applied to the United Nations for 
recognition of the Commonwealth of Independent 
States — tbe U.S.SJL successor states mmus the 
Baltics — as a regional organization. It can hardly 
be rgected in a Europe striving fra integration. 
And it would be to everybody’s benefit if Russia 
chose to seek West European-style integration — 
by consent and cooperation, not menace and em- 
bargoes — with tbe “near abroad.” 

AD three parts should be in the package, simul- 
taneously. But it must be offered soon, before 
troubled beads in Moscow are lured in other, more 
confrontational directions in tbe name of national 
interest The wise American expert Robot Leg- 
void points out that advocates of “neo-con tain- 
menr and “malign neglect” are making ground in 
the U.S. debate on what to do about Russia. They, 
too, must be headed off. The crossroads are now. 

© Flora Lems. 


change to any Europhobe as a semi- 
automatic adjustment to prevent a 
wider community from being more 
difficult to run. He could also have 


emphasized tbe success erf the 
auras for enlargement, of w 
had been a leading advocate. 

Bui for reasons of domestic 
he derided topick a fight. The 
votive Pam is spl it on Europe. It is 
sagging badly in the polls. Elections to 
the European Parliament are due in 
June. Later in the year there might 
well be a challenge to John Major's 
own position. So he decided to wrap 
himself in the flag. There must be no 
inoease in the number erf votes needed 
for blodting. He was not gping to be a 
Brussels poodle. He was going to 
stand up for Britain. There would 
be no dimb-down. 

Questioned by journalists, whose 
reactions varied from skeptical to in- 
credulous, Mr. Major indicated that 
it should not be too difficult to get his 
way. We were not isolated: Spam was 
with us. Other member-stales would 
be willing to compromise. And if 
Britain did not get its way, then en- 
largement would just have to wait. 

Discussions among foreign minis- 
ters followed. On Sunday, Britain’s 
increasingly exasperated partners 
gave it an ultimatum. Ether it must 
agree to the terms of tbe others (now 


accepted by Spain) within 48 hours, 
risis would em 


or a crisis would ensue. Foreign Sec- 
retary Douglas Hurd flew back, dis- 
playing, like Chamberlain after Mu- 
nich, a piece of paper with a 
concession, if this word could be ap- 
plied without a snicker There would, 
m cases of dispute, be a “reasonable 
delay” before a vote was taken. After 
some agitated consultation, Mr. Ma- 
jor bowed to the ultimatum. 

It was tbe most humiliating climb- 
down in postwar British history. 

Tbe effect on Mr. Major’s position 
remains to be seen. Anyone who an- 
nounces to a crowd of lions the pros- 
pect of a feast erf red meat and then 
later argues that a dandelion salad is 
just as nutritious risks not only his 
credibility but his skin. But the wider 
consequences mauer even more: 

• Will anyone in the Union take 
Britain’s future negotiating positions 


seriously? However much the British 
their 


shout, their partners now know that 
they can be made to retreat. 

• When Swedes and Norwegians 
go to tbe polls later this year to vote 
on accession, what effect will this 
debacle have on those already skepti- 
cal of the Union? 

• Britain has demonstrated once 
more that it wants a different kind 
of Europe from the rest of the 
Union. The Major government 
wants nothing more than a free- 
trade area. The other countries are 
moving inexorably to a federation. 
Last week brings forward the day 
when Britain wall be left in an outer 
tier, asTmportant on the world stage 
.as Switzerland, while the rest of the 
Union moves forward without it 

• Paradoxically this latest row 
means that there will be a European 
foreign policy sooner rather than lat- 
er. For this will be easier to agree on, 
as Bosnia showed, among a continen- 
tal bloc. This point will not be lost 
on Washington. 

In 1899 the German chancellor. 
Bernhard von Bulow, visited Lon- 
don. He wrote back to Berlin: “Brit- 
ish politicians know nothing of the 
Continent. They know as much about 
conditions there as we know about 
conditions in Siam or Peru.” But ig- 
norance is no excuse for deliberately 
falling into a deep pit 

International Herald Tribune. 


IN OUR PAGES; 100, 75 AND 50 YEARS AGO 


1894: Albanians Attack 


CETTTGNE — Another sanguinary 
encounter between Montenegrins 
and Albanians occurred ou the fron- 
tier yesterday {March 29] when a 
body of the latter numbering several 
thousands attacked the Montenegrin 
village on the border of the Chvjena 
Zem district, lolling four of the In- 
habitants and wounding seven. Tbe 


the United States 1 The failure prop- 
erty to protect the Monroe Doctrine 
and the absence of a provision setting 
forth that in minor intra-European 
disturbances tbe United States shall 
not have primary responsibility. 
Amencans do not want a situation to 
arise in which American forces migh t 
have to be deployed in settling a 
small Balkan war or disturbance. 


fighting lasted all day. The losses of 
known. 


the Albanians is not I 


19X9: League Objections 

PARIS — The twelve American Con- 
gressmen in Paris to get a close view 
of the Peace Conference were re- 
ceived by President Wilson yesterday 
[March 30]. They told President Wil- 
son that a vast majority of Americans 
favor a League erf Nations, believing 
that only through such an interna- 
tional arrangement can future wars 
be prevented. However, there were 
two major objections which might 
result in the League being reject* 


1944: Rumanian Peace? 

LONDON — [From our New York 


edition:] The IL 


.. tumaiuan government 

of Premier Marsha] Ion Antonescu 
sent Prince Barbu Stir bey to Cairo 
with the definite mission to sound 
out the possibilities erf peace with 
Russia arid the western Allies, a well 
reformed B al k a n source here said to- 
day [March 30]. This source said 
*Thice Stirbcy’s mission was 


ap- 



ne added, apparently have been 
traced by public opinion in Rumania 
to look for a way out of the war. 



!i 


lift i 

h li ‘ 

nl*' n 


In 


m 


Su 


r r-i 


4 ■; 


i 


et *ib 


■■Vi 




INTERNATIONAL HERALD TRIBUNE, THURSDAY, MARCH 31, 1994 

OPINION 


Page 


kite House Backbiting 
Turns Bill’s Friends Bitter 


% E. J. Dionne Jr. 


AX/ASpINGTON — The 

▼ ▼ Whitewater controversy has set 
off a quiet civil war inside the Clinton 
government, deepening factional rival- 
nes and creating opportunities For 
auft5 m the internal balances of power. 
For President Bill Clinton, getting 
Whitewater under control will now 
have to include pacifying his own 
administration. 

news for Mr. Clinton is 
lBal 8 e "ecuve performance at last 
week s news conference reassured 
many of his own appointees, not to 
mention Democrats in Congress, and 
sent his poll ratings back up. But char- 
acteristically, everyone is blaming ev- 
eryone else Tor the foul-ups that de- 
layed his public embrace of openness. 

Factionalism, of course, affects every 
administration, and Mr. Clinton’s was 
bound to have more of it than most. 
Because Mr. Clinton believes, correctly, 
that a successful Democratic presidency 
wifl necessarily mix policies of the center 
and the left, he is always in a position to 

disappoint some group whose support 
he ultimately needs. 

The administration has also been di- 
vided by fights over the budget be- 
tween those who saw deficit reduction 
as the highest priority and others who 
feared that too heavy an emphasis on 
deficit reduction would leave Mr. Clin- 
ton with no money to spend on innova- 
tions in domestic policy. 

Having the broad spectrum of Dem- 
ocratic opinion represented in his gov- 
ernment is, in the end, a healthy thing 
for Mr. Clinton. But the sour mood 
created by Whitewater has given fac- 


tionalism a bitter, personal edge, high- 
lighting divisions that have little to 
do with ideology. 

. There are, for example, resentments 
m the cabinet agencies at the power of 
the While House inner cindc that can 
now play out as critidsn of the White 
House's handling of Whitewater. Cabi- 
net discontent is not new, but even Mr. 
Clinton's savvy cabinet officials were 
not asked for advice when they might 
have helped him out of Us jam. And on 
some issues, particularly health care, the 
Clinton operation has been unusually 
centralized. Those who were left out 
when the Clinton health plan was writ- 
ten are not unhappy over the large role 
Congress is assuming in rewriting it. 

Mr. Clinton's circle of outside politi- 
cal consultants has also come under 
attack. When Clinton critics say “drey 



r ... Not to mention the state of the staff.* 


still think they’re running a campaign 
that's usually 
of lobbing a grenade at la 


over there," 


’s usually a coded way 
„ D lade at James Carville, 
Mandy Grunwald or Paul Begala, the 
1992 campaign veterans who are criti- 
cized for preferring quick-response at- 
tacks to explanation and reassurance. 

Defenders of the political advisers say 
the real problem in the White House is 
the excessive role of “the lawyers," who 
are accused of resisting Whitewater dis- 
closure long after anyone with political 
sense understood the importance of an- 
swering questions. The Whitewater con- 
troversy has been a nightmare for David 
Gergen, who is seen by some Ointonites 
as insufficiently liberal or insufficiently 
loyal, and by his supporters as the chid 
purveyor of a strategy of openness. 

The cost of White House divisions 


was probably felt most keenly 
George SiephanopoukK, the CHnion 
viser who, The Washington Post report- 
ed, blew up at the decision of the Reso- 
lution Trust Corporation to hire Jay 
Stephens to handle cases involving 
Madison Guaranty. That is the savings 
and loan whose owner was the Clintons’ 
partner in Whitewater. Mr. Stephano- 
poulos emerged as the heavy who want- 
ed to know if Mr. Stephens, a partisan 
Republican and vocal Clin tern foe, could 
be dumped. Deputy Treasury Secretary 
Roger Altman emerged as the reason- 
able voice who stopped anyone from 
sacking Mr. Stephens. 

Mr. Stephanoponlos came out of 
Lhe weekend whoie because he is well- 
liked, because even Republicans un- 
derstood his ire, and because nothing 
happened to Mr. Stephens. But the 


episode showed how dama ging the in- 
ternal maneuvering and responsibil- 
ity-passing over Whitewater can be. 
Mr. Stephanopoulos’s friends are mad 
about the leaks against him. Mr. Alt- 
man feels aggrieved because of what 
he saw as undue pressure from the 
White House to keep his job as acting 
head of the RTC even after he thought 
it appropriate to recuse himself. 

For all the problems Mr. Clinton 
faces, last week bought him time. By 
answering questions Quietly and with- 
out rancor toward the press or the 
Republicans, he undermined tire per- 
ception that he was trying to hide 
something. Representative Jim Leach, 
the Republican whose reputation for 
bipartisanship has given his charges 
against Mr. Clinton added credibility, 
is increasingly being treated as a parti- 


san in the Whitewater matter. This 
means his accusations will now be ex- 
amined more critically. 

But Mr. Clinton needs to use the 
to bring order out of the 
litewater chaos. At least some of the 
adept's friends are telling him it is 
responsibility to fix the free-fonn 
structure that he has encouraged in his 
White House. Blurry lines of authority 
have aggravated the tensions among 
those who work for Mr. Clinton without 
making it easier for them to challenge 
him when he should be challenged. It is 
hard enough to deal with Whitewater, 
manage an unruly political coalition and 
explain that complex mix of ideas that is 
Qintomsm. When your friends and ap- 
pointees start turning on one another, 
those tasks become truly impossible. 

The Washington Post. 


Who Says I’m Welcome? 
Just Give Me the Number 


I m 

nrte- 

\94 * 

7 m 


By Richard Cohen 


W ASHINGTON — I am beginning 
to hate the phone company. What 
vexes me is that little announcement 
that we get here in Washington when 
railing “information" (411): “Welcome 
to Bell Atlantic," a smooth voice says. 
Then come four ethereal tones, sounds 
a 5 $Q r fotari with space exploration and 

MEANWHILE 

silly video games and then — wow! — a 
real person. The whole thing leaves me 
fuming. All I want is the number — fast 
But you cannot get the number — fast. 

The person answering your request trans- 
fers you back to the computer, which tdls 
you “the number you have requested” — 
and theft conies the number itself — can 
be automatically dialed for an additional 
35 cents. Where once you simply called 
for a number and got it (fast!), you now 
have to sit through that silly, pretentious 
"Welcome to BeO Atlantic greeting, fol- 
lowed by the announcement of a service 
you could not possibly want 
The whole silly, pretentious, grating 
package has gotten under my skin. First 
of all, what does “Welcome to Bell At- 
lantic" mean? It means about as much 
as if you got some sort of welcome 
message when you plugged in your 
toaster. Soon, there’ll be a computer 
chip in the rink, welcoming you to the 
water system, and one on the stove, 
saying “tire gas company welcomes 
you." You'D gei messages when taking a 
shower or flushing the toilet, making a 
hard-boiled egg or grinding coffee. 

Who is welcoming me to Bell Atlantic? 
Who is this person? There is no person. 
Give me a name. Where is BeU Atlantic? 
Who is BeD Adamic? Better yet, who 


LETTERS TO THE EDITOR 


Mexican Revolutions 

Regarding “Time for Another, Differ- 
ent Revolution ” {Opinion, March 29) 
by Dick J. Reavis: 

Luis Donaldo Colosio’s death is a 
genuine tragedy, but it will have little 
impact on Mexico’s modernization ef- 
fort, precisely because of the North 
American Free Trade Agreement, which 
Mr. Reavis mistakenly blames for much 
of the recent unrest in Mexico. 

It is because of NAFTA that, instead 
of quickly crushing the small band of 
peasant guerrillas known as the Zapatis- 


to refrains that would end its 65-year- 
old hold on absolute power. It is as if 
China had sent flowers instead of tanks 
into the ranks of student protesters in 
Tiananmen Square. 

The difference between Mexico in 
1994 and China in 1989 is NAFTA. 
President Carlos Salinas de Gortari be- 


lieves that NAFTA will do for Mexico 
what Franklin Roosevelt's New Deal 
did for the America of the 1930s: create 
a prosperous, stable middle- and work- 
ing class, heading off civil unrest. 

( would suggest that Mr. Reavis might 
want to spend less time in “Conversa- 
tions With Moctezuma" and more lis- 
tening to the voices of hope and reason 
in today's Mexico. 

STANLEY A. WEISS. 

London. 

Behind the Duality 

Regarding * The Dual-Justice System " 
(March 22) by David Hoffman : 

The “dual-justice system" described 
in this article about the West Bank, as 
applied to the Zemarya brothers, under- 
standably offends Western notions of 
due process and equal protection. But in 
our zeal to apply these standards in all 
contexts, we forget that West Bank Pal- 


estinians are subject to the Israeli mili- 
tary justice system because a slate of war 
has existed between Israel and its Arab 
neighbors for 46 years. That stale of war 
was initiated and nurtured by Arab re- 
gimes and carried to endian populations 
by Pales tinian terrorist organizations. 
Unfortunately, it is Palestinian civilians 
on the West Bank who have paid the 
price of their leaders' foDy. Once Yasser 
Arafat, King Hussein, Hafez Assad and 
their proteges make and keep real peace 
— meaning more than just tire absence of 
war — with Israel, the offensive accoutre- 
ments of a state of war (such as the “duaL 

justice" system and other Israeli short- 
comings) will lose their raison d’etre and 
gradually disappear. 

The more tantalizing question is 
whether the Zematya brothers would 
have fared better if they had thrown 
rocks, demonstrated or otherwise of- 
fended the authorities in Syria, Kuwait 
or Iraq. One need only ask the inhabit- 


ants of Hama, the Palestinians of Ku- 
wait or the Kurds and Shiites of Iraq 
which justice system they would have 
selected if given the opportunity. 

L. GILLES SION. 

New York. 

flailing in Singapore 

Regarding “ Troubling Signs of a Sense 
of Cultural Superiority " (Opinion, March 
21) by Jim Hoagland : 

The writer portrays Michael Fay, the 
American teenager sentenced to jail and 
caning in Singapore for vandalism, as an 
innocent victim of the Sngapore authori- 
ties, who “decided to make Mr. Fay a 
horrible example.” Mr. Fay is not the fast 
teenager to be caned for vandalism, nor 
the youngest In the last five years, 14 
people aged 18 to 21 have been similarly 
sentenced, 12 of them Singaporeans and 
two forei goers, Mr. Fay cannot be treated 
differently just because be is American. 


Mr. Hoagland cl aims that the Singa- 
pore government harbors a “continuing 
sense of cultural superiority,” because it 
is made up of "ethnic Chinese citizens 
who have not totally lost the Han em- 
peror's disdain for non-Han cultures." 
Caning was introduced into Singa- 
by the 
gov- 


pore's criminal legal system not by 
Chinese, but by the British colonial j 


eramenL Most of those caned have been 
Asians. Malaysia (predominantly Malay 
and Muslim), also nas caning in its laws, 
and recently even extended caning to 
white-collar crimes. 

The author denies that his views re- 
flect “American political or cultural im- 
perialism." Chewing gum in public and 
American-style freedom of the press 
may be part of the American way of life, 
but should Singapore or any other coun- 
try adopt them if they are to our detri- 
ment? Mr. Fay confessed to spray-paint- 
ing 18 cars, throwing eggs at cars, 
switching license plates and stealing 


5 


public property. He did not claim that 
this confession was “coerced and false"; 
he pleaded guilty to two charges of van- 
dalism while admitting to 16 others. 

Are Mr. Fay’s crimes also a part of 
"an emerging global culture"? Such van- 
dalism may be commonplace in the 
United States, yet Americans still de- 
lore iL A telephone survey con dueled 
the American television program “A 
Current Affair" aired on Fox TV cm 
March 15,found that 70 percent of those 
who called in to respond to the program, 
which featured Mr. Fay’s father, ap- 
proved of the caning sentence. 

We claim no universal validity for our 
approach to law and order. But we be- 
lieve that tough laws enforced strictly 
and impartially keep Singapore not only 
dean, but safe and crime-free. 

S. R. NATHAN. 

Washington. 

77ie writer is the Singapore ambassador 
to the United States. 


lave 

Ah. dol We are experiencing the gran- 
diloqueming of America, the escalation 

of the mundane and the prosaic into 
inflated nonsense. This is why there are 
no salesmen anymore. They are all sales 
associates or sales representatives. Gar- 
bage men are gone. So, too, are stewar- 
desses or stewards or, for that matter, 
reporters. We are all journalists. 

_ Everyone has a business card and a 
title. A phony prestige has been be- 
stowed on the lowly, often in lieu of 
money. Work has been devalued, posi- 
tion exalted and the making of money 
disguised as the offering of a humanitar- 
ian service. Every company has a slogan. 
It's not “GE, out to make a buck." but 
“GE. we bring good things to life" 

The ordinary act of asking for a tele- 
phone number has been bloated into 
something else — the entering of die 
information highway. You are not just 
asking for a number, you are connecting 
to a network that can, with a modem and 
the right software, “access" the world. 
The more distant the company has be- 
come, the less it really cares about you. 
the more it pretends closeness, intimacy: 
“Welcome.” 

"Why. thank you. It's an honor to 
be here ” 

Only where is “here”? 

"Here” is a nuthouse. It is a place of 
contradictory messages, of crossed sig- 
nals. of the son of oxymoronic behavior 
that brings festering, lowering anger. 
You call an airline and you gel a mes- 
sage. You're told how much your call 
means to the airline. If that is the case, 
you wonder, then why don’t they have 
enough people to answer the phones? 
My ATM machine thanks me for taking 
out money. Who is thanking me? A 
machine? A collection of chips and 
wires? Cmon. "One moment while I 
work on your request." some machines 
say. “I?" You don't even exist. You have 
no soul You have never sinned, been 
depressed, loved, hated or had a hang- 
over. Who are you to say “I”? 

I have become obsessed with keeping 
the direct phone numbers of everyone 1 
know, just to avoid going through the 
voice mail system. Always, everywhere, 
an automated voice tells me how much 
my business is valued and how wonder- 
ful I am, but if that is the case, why do 1 
get the run-around? Why can’t I talk to 
someone who will listen to what I have 
to say and then do something about it? 

You can see now why I hale the phone 
company. It has come to represent every- 
thing false and pompous in American 
life, a barrier of electronic chatter that 
seems to get in vour way whenever you 
want to do something, a layer of false 
sincerity — an electronic version of that 
meaningless phrase, “Have a nice day." 

As you by now can tell I most certain- 
ly will not. 

The Washington Post. 


Ewmv 


hcluc 

liero 


NEWS EVENTS WHICH COULD AFFECT 
YOUR UFE: 




\ :• :■ : 















^ • • • am vw * 

11 l lvr 




FOLLOW THE WORLD EVERY DAY IN THE IHT 


Subscribe now O/n 

and save up to T w / w 


off the 
cover price 


CALL US TOLL-FREE 

AUSTRIA: 06608155 LUXEMBOURG: 0800 2703 
SWITZBUAND: 1555757 
THE NETHERLANDS: 060225158 
UNITED WNGDOM: 080089 5965 


BELGIUM: 080017538 
FRANCE 05437437 
GSMANY: 0130848585 


Or send in the coupon below. 


SutHcmnon Hates A Savings ofl IHT cow Press. 



Yes, 1 wont to start receiving lhe IHT. This is die subscription term I prefer 
(check appropriate boxes): 

0 12 months (364 issues inaS with 52 bonus isues). 31-3-94 
0 6 months (1B2 issues in at with 26 bonus issues). 

f~) 3 months (91 issues in dl with 13 bonus awes). 

1 I My check is enclosed (payable to the International Herald Tribune). 

□ Please charae my: □ American Express □ Diners Chib □ VISA 
□ MasterCard □ Eurrxwd □ Access 

Credftcard charges wifl be mode in French Frmcs at cunent exchange rates. 

cardacct.no. 


EXP. DATE _ 

FOR BJSI'KS OMSS, Pl£ASE INDICATE YOUR NUMBER 


(HT VAT number FR74732021 1261) 

□ Mr.D Mrs □ Mia FAMIY NAME. 


RUST NAME , 


PERMANENT ADDKE5S: HOME E BUSWE5S. 


OTY/GODE. 


The Most Up-to-Date Reference 
for American Business Terms 


. a =-"' •» w " 

-« - - - 

i4 * ■ <*"»* 

r '^rWa^ BatlV 



The American Business Terms Dictionary includes 
over 4,000 terms from commerce, banking, investment 
and finance — defined clearly and concisely. This refer- 
ence book is edited especially for people living and 
working in an international environment. 

The dear and logical organization, as well as 
careful attention to parts of speech, grammatical 
number, and idiomatic usage, make this volume 
the ideal choice for business professionals, stu- 
dents or anyone who needs knowledge of the 
basic terminology of business and commerce. 
The Dictionary incorporates many useful 
features: 

■ Each entry has at least one example or 
explanation in addition to a clear and con- 
cise definition. 

I Current slang and colloquial words and 
phrases are included, as well as buzz 
words and jargon. 

■ Abundant cross-referencing connects 
synonymous terms and concepts. 

■ Numerous abbreviations and acro- 
nyms are defined and explained, 
along with common Latin terms and 
expressions. 

The American Business Terms Dictionary is pub- 
lished by National Textbook Company (Chicago) and 
the International Herald Tribune. Hardcover. 330 
pages. Fax or mail the order coupon today. 


1 

31-3-94 


I 


Return your order to: Intematoral Herald Tritwie Offers, 
37 Lambton Road, London SW20 0LW. England. 
FAX ORDER TO: (4481) 9448243 


I Please said me copies of AMERICAN BUSMESS TERMS DICTIONARY at 

UK£24 (US$34.95) each, plus postage per copy; Europe £3.50; U.S/Canada £4; rest of 
world £5.50. 


h-miriafvHV m major German cflto* caB loll fwa IHT 
& StelSopTS ETumtor Gorman regutetton. a 2-«w* 

floral -lew 


COUNTRY!. 


international 



Sribune 


ra. 


.FAX. 


with i— - "* "" 


Raium vour oa nplete ri epupon teSubKripfcnMunog g'- "T 

HT, 181 Amok dvnWdfrCauIa. 9252! Neoily C®4ot, frimee, 0 

Faje 33.146 37 06 51 -Tafc 3 X 1463/93 61 X 

rfw o 9 rr expires or Monh 3 1 , 1994 and it mcdoblB»3 new adiiaAefs only 


Nane 

IK BLOCK LETTERS) 
Compan y 


Address. 


Cfly/Cod^ourtiy. 


Payment is by cretfit card orihr. Please charge to my craft cant 
□ Access □Amex □ Diners □ Eurocard DMasteiCard Dvisa 


Card IV. 


.Exp. Date. 


Signature 

hecessay tar oEdt cad iwteses) 

Company EC VAT Pf 


































«****.,-• . - r 




I INTERNA TIONAL HERALD TRIBUNE, THURSDAY, MARCH 31. 1994 

HEALTH/ SCIENCE 


Tr- 

ent 


- » 

Hfe 




US' 

Iff 




c .« 


1 13 

u 


I is 


‘19 

H 

s 

;s 

'38 


• 92 
30 

33 
- 1J 

20 

34 


34 


• • ■ * " ;; b • ^ 

' • _«• - M. — . 


a 

iowarq overcoming Barriers ro faewiHiHWM . .. 

. := 1 

H PROBLEM 

P| SOLUTION 

H TECHNOLOGY 

■ EXAMPLES | 

Vaccines require multiple visits. 

Combine vaccines for different 
diseases. 

Add on to DTP vaccine. 

• .H..In^r^typebO<»>>:hepa^s 
: ^.priBUi*x»ccaf disease; 

• rn^ta^>cocccd.<ffsease; typhoid. 

Vaccines require multiple closes. 

•• Reduce number of doses 
required. 

Microencapsuiation. 

■ Ibtariiis,- 

Vaccines require refrigeration. 

Make vaccines temperature- . . 
stable. ' 

Lyophilization. a novel drying 
technique. 

Pofej. 

Vaccines not effective early in 
life because of persistence of 
maternal antibodies. 

Make vaccines that are 
unaffected 

by maternal antibodies. 

Vaccines based on live vectors, 
or carriers. 

Measles. 

Vaccines not effective early in 
life because of immaturity of 
immune system. 

Make vaccines effective in the 
presence of such an immune 
system. 

Vaccines based on 
polysaccharide antigens 
linked to proteins. 

.Pneumococcal diseases. 

Vaccines require injections. 

Orel vaccines. 

Microencapsuiation and live- 
carrier vaccine. 

Shigefiosis and rotavirus, agents 
. ofdtartheal disease. . 




Turmoil in Cancer Study 

Breast-Research Project Put on Hold 


By David Brown 

Washingim Past Senice 




ASHINGTON — The National Cancer 
Institute has asked the head of the largest 
U.SL breast cancer treatment study to 
resign, and ordered that nonew patients 


be enrolled in any of the project’s experiments. 

came as NCI officials looking 


into 


The request came .. 

recent allegations of fraud in one of the project's 
studies uncovered evidence that questionable data in a 
second study hadn't been brought to the government’s 
attention quickly. 

"They just have not been in compliance with the 
guidelines” Tor auditing researchers' data and report- 
ing irregularities, Bruce A. Chabner. director of the 
division of cancer treatment at the institute, said. 
The organization is not meeting its responsibilities in 
this area." 


Two weeks ago, news reports revealed that one 


Canadian physician in the multifariliiy National 
Surgical Adjrn 


23 

.77 

S3 

28 

30 

>g 


1& 


Scientists Closing In on Single-Dose Vaccine 


By Warren E. Leary 

Vw York- Tunes Semcc 


Carter Center in Atlanta, said at a sympo- 
sium here lost week. “There is no part of this 


W ASHINGTON — Researchers 
say they are rapidly moving 
within reach of one of the long- 
standing goals of vaccine re- 
search: a single-dose inoculation that would 
protect infants against all major childhood 
diseases. 

Spurred by advances in molecular biology 
and new methods of stimulating the body's 
defensive immune system, scientists say- 
finding childhood immunology's “Holy 
GraiT of a supervaccine could be possible 
within as little as five years. 

Scientists who ore designing the vaccine 
say it should provide lifetime immunity with 
a single dose, should be easy to administer, 
store and transport, and should be effective 
at any time after birth. 

“If we can combine all of these things, we 
would change immunization forever.' 1 Dr. 
William H. Foege. director of the Task Force 
for Child Survival and Development of the 


that would require some quantum leap in 
information or technology that 


we can fore- 
see now." 

The symposium was sponsored by the 
Children's Vaccine Initiative, a program that 
was started in 1990 to increase childhood 
vaccination throughout the world and has set 
the goal oT creating a supervaccine. The 
initiative's sponsors include the World 
Health Organization, the World Bank and 
the Rockefeller Foundation. 

Among the recent developments outlined 
were advances in encapsulating antigens, 
proteins and toxins from disease organisms. 
Such biodegradable microcapsules or gels, 
injected into the body or absorbed through 
oral or nasal passages, could release their 
inoculating contents gradually so as to en- 
hance the immune system at recommended 
stages, mimicking the current approach of 
giving primary shots and periodic boosters, 
scientists said. 

In addition, there is promising work to- 
ward putting genetic material from disease 


organisms into harmless viruses that could 
“infect" the body and immunize it. Another 
approach depends on injecting raw- DNA 
from viruses and bacteria to inoculate people 
against disease. 




XPERTS said the ultimate goal is 
to create a single injection or oral 
vaccine to be given shortly after 
birth that would protect against all 
major child killers, including diphtheria, po- 
lio, pertussis or whooping cough, measles, 
mumps, rubella, tetanus, tuberculosis and 
hepatitis. 

In addition, they said, a booster would be 
added to protect 'against local or regional 
infectious diseases, like diarrhea, pneumo- 
nia, malaria, cholera and others that afflict 
children in developing countries. 

Eighty percent of the world's children 
have access to vaccination services, although 
many do not get all the recommended immu- 
nization and six million to eight million chil- 
dren die each year of preventable infectious 
disease. 


Simple-to-use. multipurpose vaccines 


would make it easier to reach and treat all 
children, including the 20 percent who get no 
benefit of immunization today. Dr. Foege 
said. 

Where vaccines are available, the greatest 
□umber of children receive inoculations on 
their first visit, but return rates for boosters 
drop with each subsequent required visit. An 
all-in-one vaccine given at birth would great- 
ly reduce this problem, they said, even in 
economically advanced countries. 

In the United States, experts say only 40 
percent of 2-year-olds have all the recom- 
mended immunization and the number does 
not reach 95 percent until children reach 
school age. when proper vaccination is re- 
quired. 

“Certainly reducing the number of shots 
and therefore the number of office visits 
required before a child is 2 years old would 
help to increase the immunization compli- 
ance rate.'* said Deborah Clark, field direc- 
tor for the National Immunization Cam- 
paign. a coalition of private and government 
organizations working to improve vaccina- 
tion rates by educating parents and increas- 
ing access to health care. 


ijovam Breast and Bowel Project appar- 
ently falsified data from some of the 100 patients he 
had'enrolled in one of the project's experiments. That 
study resulted in a lan d mark 1985 article indicating 
that " lumpectomy” was as effective as more disfigur- 
in "mastectomy m treating breast cancer. 

The more recent problem involved questionable 
data about a single patient in a different study. Dr. 
Chabner said. He said the researcher was a physician 
practicing in a hospital in Montreal The researcher 
who allegedly falsified data in the lumpectomy study 
was also from Montreal, but Dr. Chabner said the two 
doctors were not the same person. 

Dr. Chabner would not describe the study now 
under scrutiny, but said its results have not yet been 
published. 

The information has been given to the Office of 
Research Integrity, an investigative branch of the 
Department of Health and Human Sendees. OR1 has 
been investigating the other case of alleged fraud for 
more than a vear. 


ability to devote sufficient time to my research and 
with mv availability to respond to inquiries about the 
scientific aspects of the NSABP clinical trials. He 
said he requested an administrative leave from his 

P< Donaid Trump, a professor of medicine and sur- 
gery. and deputy director of the Pittsburgh Cancer 
Institute, was named interim director of the project. 

The project has run about a dozen major clinical 
experiments of cancer treatment (at approximately S7 
million a year) and recently has begun cancer preven- 
tion trials as welL It has about 5,000 researchers at 484 
hospitals, with about 13,000 patients currently en- 
rolled in a variety of studies, according to The Associ- 
ated Press. The’ studies are designed to test cancer 
therapies in the heterogeneous world of medical 

^TheNCI, which provides most of the money for the 
studies, requires that the project audit every researcher 
at least once every three years. In the case of physi- 
cians who contribute only a few patients to a study, all 
the original medical records are checked to make sure 
patients are eligible, and that reported data are cor- 
rect. For physicians who contribute hundreds of pa- 


tients, only 10 to 20 percent of charts are reviewed. 
A report must be fued wil 


Until Tuesday, the project's principal investigator 

‘ FusJ ‘ 


was Bernard Fisher, a professor of surgery at the 
University of Pittsburgh School of Medicine, where 
the project is headquartered. He said that “excessive 
administrative demands at this time interfere with ray 


, . Jed with NCI within six weeks of 

an audit if irregularities are found, the agency must 
be notified immediately. 

I N neither of the studies whose data are now 
being questioned are the dinical conclusions 
expected to change- That is because the experi- 
ments are so large thaL no one researcher's con- 
tributions make much difference. 

The 1 985 study involved a comparison of two types 
of surgery as treatment for limited breast cancer. One 
group of women bad their entire diseased breasts 
removed while those in another group had the more 
limited lumpectomy followed by radiation treatment. 
Researchers found that women with the breast-con- 
serving surgery plus radiation lived as long free of 
disease as women with the more extensive surgery. 
This finding — which subsequently has been duplicat- 
ed in a half-dozen other studies — spurred a major 
change in treatment strategy in breast cancer. 

University of Pittsburgh researchers have recalcu- 
lated the study’s statistics with the questionable doc- 
tor’s patients removed, and say the findings still hold. 
NCI is making a similar recalculation. 


Question of Recurrence 


By Rick Weiss 

H VuAiiieffwi Pan Service 


On Pacific Island, a 6 Gender- Equal’ Culture? 


By John Noble Wiiford 

A*w York Times Service 


minimal contact with Western colonialism 
and missionaries. 




EW YORK — Anthropologists 
have long been attracted to South 
Pacific islands for more than the 
warm breezes and sparkling la- 
goons. They go to such places seeking in the 
simpler societies the rudiments of human 
community, sometimes glimpsing a rough- 
hewn harmony beyond the experience of 
more complex societies. 

So it was for Dr. Maria Lepowsky. who in 
1978 became the first and only anthropolo- 
gist to live with the people of Sudest Island 
— or to use the local name. Vanatinai. mean- 
ing motherland. 

This is a sparsely populated island in the 
Louiriade Archipelago of Papua New Guin- 
ea, which extends southeast of New Guinea 
and separates the Solomon and the Coral 
seas. The people there are an anthropolo- 
gist's dream because they have had only 


The longer Dr. Lepowsky observed the peo- 
ple, sharing their daily lives for two years and 
learning their rituals and ideologies, the more 
die realized that life on Vanatinai was differ- 
ent from other societies in one fundamental 
respect. Men and women were living and 
working as virtual equals. This was. she con- 
cluded. a striking example of what anthropol- 
ogists call a gender-egalitarian culture. 

‘It is not a place where men and women live 


in perfect harmony and where the privileges 
ana burdens of both sexes are exactly equal" 


Dr. Lepowsky said, “but it comes dose.” 

Gose enough, she said, to challenge the 
position of some theorists in anthropology 
that male dominance is universal or some- 
how inherent in human cultures and that 
only its forms and intensity vary. 

The new findings suggest instead that the 
island's culture could save as a model of what 
a sex-egalitarian society would be like and a 


coumermodel to relations between the sexes 
and ideologies in nearly aO other cultures. 

Dr. Lepowsky began the research while a 
doctoral student at the University of Califor- 
nia at Berkeley and has elaborated on the 
findings in a book. “Fruit of the Motherland: 
Gender in an Egalitarian Society,” published 
last month by the Columbia University Press. 
She is an associate professor of anthropology 
at the University of Wisconsin at Madison. 

Other anthropologists said the Vanatinai 
study could influence scholars to search for 
other cultures, mainly small-scale groups in 
the South Pacific and Southeast Asia, that 
may also be verging on sex egalitarianism. 

Dr. Christopher Boehm, director of the 
Jane Good all Research Center at the Univer- 
sity of Southern California in Los Angeles, 
who has studied egalitarian behavior, said 
the quest for a truly equal society had often 
run into problems of definition. 

“It’s very difficult to know if women and 
men in another society have equal power and 
wealth." he said, “since our definitions of 


power and wealth are themselves culturally 
biased." 


in praising the work of Dr. Lepowsky. Dr. 
Roy Wagner, an anthropologist at the Univer- 
sity of Virginia at Charlottesville who is a 
specialist in cultures erf the New Guinea area, 
said she had wisely confined the book mostly 
to description of die flow of life in the Vana- 
tinai villages, including evidence for sexual 
equality in decision-making, ritual practices 
and property holdings, and refrained from 
drawing large theoretical condutions. 

Dr. Lepowsky acknowledged that the is- 
land's small population of 2,300 and remote- 
ness favored the development and preserva- 
tion of such a society. On Vanatinai, 
everyone participates in community deci- 
sions. meeting face to face, instead of dde- 
gating power to a few leadeis. who might 
tend to be men. Vanatinai has no chief. 

Another factor, she said, is that the culture 
is matriiineal, with kinship traced through 
the mother's clan and women inheriting and 
owning land and other properly. 


W ASHINGTON — For survivors of cancer 
who have finally beaten back their disease 
through surgery, radiation or chemothera- 
py, one question dominates in the years 
that follow: Is it really gone, or wifl it come back? 

Unexpectedly, the answer may come from scientists 
studying how blood vessels develop. A growing body 
of research, including a major study published this 
month, suggests an analysis of blood-vessel growth in 
tumors can identify those individuals whose cancers 
are most likely to recur and would benefit from more 
aggressive treatment 

Moreover, related studies of blood-vessel develop- 
ment have led to the discovery of a new class of drugs 
that don’t kill tumors directly but starve them by 
cutting off their blood supply. 

“This is a very hot area of research,” said Anton 
Wellstdn, a researcher and pharmacologist at George- 
town University’s Vincent T. Lombardi Cancer Cen- 
ter. The new techniques are mostly limited to people 
enrolled in experimental studies, he said, “but they are 
getting dose to being used in clinical settings." 

Scientists know very little about why cancer some- 
times disappears after treatment and why sometimes, 
after years of apparent dormancy, it arises again, often 
with fatal consequences. 

For patients, uncertainty about the future takes 
more than just an emotional tolL Fearful that a linger- 
ing tumor cell may be tucked away in some secret 
sanctuary, many patients opt for a long and difficult 
course of chemotherapy even though their cancer 
seems to have been successfully eliminated. 

For example, most women with localized breast 
cancer are advised to get adjuvant chemotherapy after 
their initial treatment with surge ly and radiation, even 
though only 25 percent are expected to relapse. The 
reason: Nobody knows which 25 percent are at risk. 


Now researchers are coming to the consensus that 
the tumors to worry about are those that have tricked 
the body into making new blood vessels for them- 
selves. Blood vessels not only bolster tumor vitality by 
bringing nutrients to the rapidly dividing cells, but 
they also provide an escape route for a few of these 
cells to travel to other organs. Cells that have escaped 
from a primary cancer may sit quietly for years until 
they too gain the ability to attract’ new vessels to 
themselves and blossom into full-blown tumors. 

“When cancer returns, the question is. “What were 
those cells doing for those five yearsT " said Judah 
FoDunan. a Harvard University physician and research- 
er who pioneered the field of angiogenesis, or blood- 
vessel formation. “We don't know, but we’re beginning 


to think that they didn't grow all those years because 
they were unable to stimulate 


:e blood-vessel growth. 

The theory is simple. Like a new housing develop- 
ment popping up on the edge of town, tumor growth 
can't happen without a water and sewer system to 
supply critical fluids and to remove the toxic-waste 
products of cell metabolism. Experiments m animals 
and cultured cells have shown that most rumors can- 
not grow beyond a few mflliineters in diameter unless 
they gain access to a network of capillaries. 

From the tumor’s point of view, this dependency on 
new plumbing is a problem. The body's network of 
blood vessels is pretty much complete before birth, 
and with a few exceptions, no new construction occurs 
in adulthood. 

To overcome this biological inertia, some cancer 
cells produce substances that fool the body into build- 
ing new blood vessels. 

Nobody knows why some tumor cells can make 
these vessel-creating compounds and others can't, or 
why a cancer cell unable to do so may gain the ability 
after several years. 

But once the trick is learned by even a single cell 
within a tumor, that cell and all its progeny can wreak 
deadly havoc. "These cells bring in the goods for the 
rest of the tumor," Dr. Folkman said 


CROSSWORD 


IN BRIEF 


ACROSS 


r Section under 
the mezz, 
s Scuttlebutt 
a Send by 
parachute 
is Yarborough 
etal. 

is Middle name of 
"The King" 

16 One abroad 

17 “Utopia' author 
19 Earring locale 
so It sounds right 
22 Aggrieve 


23 Role lor Shirley 
in '63 

24 Transport, in a 
way 

2s Christian 
monogram 

26 They dog 
AWOU's 

27 Campaign 
name of '52 

29 loss 

31 See 26-Down 

32 Hall and half 
33Jonson's 

“Sweet Swan ol 


Solution to Puzzle of March 30 


ngaannaa □ main a 
SEdSQEinista Sanaa 

□□□□□aaa atnaaa 



34 It sounds right 

39 Couple's 
pronoun 

40 Make a daily 

41 Antonym: Abbr. 

42 Contorted 

43 — - favor 
(please) 

44 Baden-Powell 
offshoot org. 

45 CNN parent 
company 

48 Stan of many a 
tale 

so Boldly attempt 

52 Air 

53 It sounds right 

58 “Take " 

37 Exactly 

sa Bear In the sky 

59 Be full 

60 Kewpie doll, 
perhaps 

81 Leave in 
62 Bo Derek film 

before “ 10 ’ 

83 “Greystoke* 


extras 


DOWN 


mannas □BiHEQEBa 


1 Sushi bar 
selection 

2 Peppy 


3 New Mexico city 
noted For 
archeological 
finds 

4 Cut oft from 
escape 

5 Circus people 

G Woolf's" ol 

One’s Own' 

7 Verdun's region 

8 Socialized with 

9 Street m old TV 

lOWayne-Martin 

western of 1959 

11 Remote control 
feature 

12 Milord 

14 Kerouac's 

Paradise 

18 Dan 

21 Treat a sprain 

28 Cocktail. with 
31 -Across 

28 Shale oil product 

30 Whatever 

31 Troy Aikman 
stats 

32 Calendar abbr. 

33 Roadie 
equipment 

34 Bowl over 

35 Economic 
association 
since 1957 

35 Newborn 
attendant 

37 Person who 
makes beds? 


38 Clean air org. 

43 Grade school 
ammo 

44 Rodeo mount 

45 greens 

4S Proceed easily 


47 Accept a 
proposal 

48 Sole 
attachment 


51 Monlezuma I 
for one 


52 Marketplace 

53 Currency for 
35-Qown 

54 Emerald City 
visitor 

55 Forbidden City 
occupant Abbr. 


High Rate of Panic Attacks 

WASHINGTON (WP) — Seven percent of 
Americans have had panic attacks sometime in 
their lives, according to the first study to survey 
psychiatric disorders in the general 0. S. popu- 
lation. 


i 

z 


4 








io 

"1 

iff" 

13 




Ta 

I 

Ifi 




ur 




’’ 










iff" 














21 





a 




P 

¥ 

Z3 




■ 

■M 




H 

A 



1 




1 

ZT 



1 

S~ 


□ 


Pusla by Mark OW4 

“3 New York Times Edited hv Will Shorts 



Panic attacks are sudden, fearful spells that 
occur for no particular reason and are accom- 
panied by physical symptoms such as a racing 
heartbeat-shortness of breath, dizziness and 
sweating. They usually last only a few minutes, 
but in extreme cases can be mistaken Fora heart 
attack. When these attacks occur three to four 
times a month, they are considered part of a 
more serious condition called panic disorder. 

The study, conducted For the National Insti- 
tute of Mental Health, is drawn from the Na- 
tional Comorbidity Survey, the first to measure 
the amount of psychiatric disorders in the en- 
tire U. S. population. The study of panic at- 
tacks included interviews with more than 8,000 
Americans, ages 15 to 54 vears. It found that 
only about 1 percent of the respondents suf- 
fered symptoms often enough to be diagnosed 
as having the more-severe, panic disorder. 


“Eve,” an early female human who lived in 
Africa about 200.000 years ago. 

The theory has been challenged by scientists 
who say they have evidence that humans 
evolved independently at several sites around 
the world, including Africa, China and Indone- 
sia. But two reports in the science journal Na- 
ture, one based on statistical research and the 
other on genetic evidence, both conclude that 
humanity arose from one source. 

Diane Waddle, an anthropologist at the Slate 
University of New York, used a statistical 
method known as matrix correlation to com- 
pare differences among various human skulls. 
A U.S. team led by Anne Bowcock of the 
University of Texas Southwestern Medical 
Center looked at smalL repetitive and highly 
variable segments of DNA known as tnicrosa- 
lellites. 



2 Studies Back African ‘Eve’ 

LONDON (Reuters) — Two separate re- 


ports to be published on Thursday support 
t nt 


theories that humanity is descended from an 


The Settling of Australia 

SYDNEY (Reuters) — Australian scientists 
say they have found evidence confirming that 
modem man settled Australia 60.000 years ago 
and spread across the rugged continent within 
20,000 years. 

Using new dating technology, scientists at 
the Australian National University dated hu- 
man settlement at a site in the Kakadu region of 
the Northern Territory from 60,000 years 
They also found signs of civilizatioQ 40.C 


The Return of a Butterfly 

LOS ANGELES (LAT) — A fragile blue 
butterfly believed to be extinct for more than 3 
decade has been rediscovered on U. S. Naw 
land in the San Pedro area of Los Angeles. 

Scientists had thought all Palos Verdes blue 
butterflies had been destroyed by development 


years ago. and virtually everyone had given up 
hope and stopped looking foi ' 


. , Jdng for the endangered 

species. But now, about 100 of them have been 
found around a pocket of deer weed at a navy 
fuel depot next to an oil refinery. 


( alunc; onk fokkign country 

I R O M A N O T II i: R IS N O 


Whether you're Irving to reach another country overseas, or call hack to the US.. Sprint Express* can help. Just dial the access code of the coir, try you're in to reach an Endish-sptakiiw Sprint operator. You don’t even have ro Ik a Sorint 

■inclnm^r A Ik lain n*a^i4 k q I i ^ Lvil I'dllitin R iNr APfY* 1 ^ If uAii'n* rallmrt ihp ( 1 Q Vain ran rail /vilWf Pm npvr firru* ivtu r»*jll nm Cnrim Cvmwv fi __i . r i ... * .... . ' . 


SECRET 


v\ ith r 1 1 1 ; s i: s i m p l u a c c i : s s 


CODES 


American Sanoa 

633-MOO 

ChSe 

0090317 

AHoogliong 

OH 

oMucuu 

0K00-ia 

+ Poland 

MM-480-fflB 

° Antigua 

si) 

S + China 

108-13 

+ /H«ngatj 

Q0480WM77 

4-itiMtysia 

890-0016 

+ Portugal 

O50I7-V877 

Argentina 

UOl-SOD-777-IIH 

Colombia- EogEsh 

08WWMM 

+ India 

000-137 

Makxi 

V5800-S77-80CH) 

-Puerto Rico 

WW0-877-8OOO 

Australia 

008-551-110 

CokMnUa-Spmuh 

ott-cunto 

Indonesia 

00-801-15 

+ Monaco 

1940087 

+ H Romania 

018004877 

Australia 

(XIM-KKI-NT? 

+ Costa Rica 

Jh3 

+ Ireland 

I-800-55-2U0I 

+ Netherlands 

U6 ♦022-91 P 

+n Russia 

8-095-155-603 

+ AusirU 

022-903-014 

+>Cypnis 

USJ-^lO-Ul 

+ Israel 

r77.M2.2727 

+ Netherlands Antilles UU1-WU-743-1111 

+ Russia | Moscow ) 

155-6133 

Bahamas 

woojawm 

+ Czech Repnbfic 

0042-087-187 

+ Italy 

T72-B77 

Nea Zealand 

OtKI-dVM 

+ Saipan 

235-0333 

A Barbados 

1-800-877-8000 

+ Denmark 

8001-0877 

+ Japan 

ULN-131 

Nicaragua 

02-tfl 

+f2TMm and Bofa 1-235-41333 

+ Belgium 

078-11-0014 

▲Dotambn Republic 1-800-751-7877 

+Japan 

flOWi4554t77 

o nfcangga(jVliaagfla) 161 

+ San Marino 

172-1877 

Belize i Hotel) 

55f* 

Ecuador 

171 

•/Kenya 

0800-12 

+ Norway 

050-12-877 

Saudi Arabia 

MNH5 

Belize. PIT [Bt (ham 

•4 

+H Salvador 

Nl 

♦♦Korea 

009-16 

Panama 

115 

+ Singapore 

8000-177-1- 

■/Bermuda 

l-WW-b23-t«T7 

+ Finland 

<800.(4284 

TKorea 

550-2USS 

▲° Paramos 

(JUM’-NK) 

✓ + South Africa 

0-800-99-0001 

Bolivia 

awhiui 

+ France 

1090087 

t Korea 

550-FOiNE 

✓Peru 

1% 

Spain 

900-99-0013 

Brazil 

OUO-SJlfi 

+*Gennany 

000-0013 

+ Korea 

0039-13 

PMfippines 

10541 

ASt-Lach 

87 

ABritsh \1iczn bL 

U0W77-SOW 

r Greece 

oos-ooun 

Kuwait 

800-777 

(CTrl stations oolrl 

+ Sweden 

mm-m 

CambodhiftwmiPHililSO-OHn 

+ Guatemala 

193 

-4- Liechtenstein 

65-9777 

✓PMUjs janes 

H2-6D 

4'Siritzeriflitd 

65-9777 

^Caobodb iRmbMi 22110 

▲Honduras 

U0I-800-12I3HX) 

v'Uthiuiua 

89»7 

iPUIComl 


O Taiwan 

0080-14-0877 

-* Canada 

W0W77-MW 

Hong Kong 

800-877 

Ltneabomg 

0800-0115 

PhffippaestnDti 

10546 

✓Thailand 

001-999-1.1-877 


° Trinidad & Total* 23 
+ Turkey " 0080044177 

+ Utaed Arab Emirate 800-01 
United kingdom , w. 050WW477 
United Kingdom lan 0800-890-877 
A United Kingdom 0500-800-800 
-U-SA. 1-800-877-8000 

-Hi (stands MQO-877-M10 
000417 
172-1877 
ttiMIH-d 
800-1 111*1' 


00 Uruguay 
+V«ic»aty 


Venezuela- English 
Vfenanfla-Spanish 


Sprint. 

Be there now. 




C^n/£Sncoc*is«sfy*fWWi^to«ii^ca0r^G3vais* usttigsutiiea Id change toam^minbef\ai®s^«ivicetxad(itwnainijrnt^cdliiwS«xinito^Nu!it»rtir«c«iii!ry«iiifefl.Of VflC0^7T-4«6oM8in9iflUS. BoUdenotm 
ctmrtr, to ramv cafcia auaiaMit,’ UxfeGtoMQfcifl »r number SPIN werwoi idemfeabon nunfterl GfatHl Camp raws at#}* *W*t tor second tone -Pumcuhones may iwwrt con cream /testable* most 

^NotavarfaWa tarn par phones. -Eaten potion mayiwurasBrtte^Ctf tesioeWBrtoBWimis -■PONCAflDWIinBCoBeocaBUS BrnMianonw ^insmeareBsadiitieiocdowfiBDfWarneawummnSorinrOparaia ••Rwn wv 
chonte au&fl iw buUm. aft* lw bjn& then 4at0£* ? A»* bfcte u mUiary Dhonea onfy - teHtotta Iran daaawj phonn iteaAbto from snetemoaun only nlABliwgitativKe charges may Boots 


WMrfCupUSAM 


.- ' i. .* 


> ,B 



$ 


ago in Allen’s Cave on Ihe Nullarbor 
lain near Ceduna in South Australia. 

The Kakadu finding confirms earlier re- 
search in the same region, reported in 1990. 
dating human settlement to 50.000 to 60.000 
years ago. “The new research confirms dial 
modern people had reached Australia 20.000 
years before the end of the Neanderthals in 
Europe," said Rhys Jones, professor of archae- 
ology and bead of the university team. 

The scientists dated sedimen t around aborig- 
inal artefacts at Death Adder Gorge in the 
Kakadu National Park using Optically Stimu- 
lated Luminescence, which measures the activi- 
ty of electrons in sand grains. They believe it is 
the first time the optical technology, which is 
normally used for geological dating, has been 
used in archaeology. 





“e-i 


s. ; 













r- i 


rrenoe 


f#r urn cl 3 Butt 


sr <v 


j ■ 


asagfet 



** 





#;”L v L c^jjc* 

.'s ;».*•« 

< Sir J :’:»*'!£ v*. ■. 
%v- 

"JjSft* •**&»!<! SI 

1 ■ ■ » :v.;.w' » 

V : «$* ' 


>, «vvr'' ■•; y 


.'wll'I/XiA’kif -A 


> ! *Wy 







pSi§ to 

International Herald Tribune, Thursda r, March 31, 1994 





Pane 


THE TRIB INDEX - 110 

28 o 1 ^Sil^nveSf 8 'Ks S ^ gSlP ■ cornpos ®l^ 



100 


l&g.£i ■ .;. : j ppypnHi 



A«ww.«ighltng:32% 
«4P.H .: 126.74 Pm.: 127.47 


150 

tin b. « Jl. _ 


■ 

.... 

..'S’# 

v." ^ v m # ■ 


30 O N D J 
1993 

F M 
1994 

■ North America 

Appro* weighting: 26 % 
04P.M.: 92.85 Prev.: B3.06 
150 




O 

1993 


Latin America 


Approt weighting: 5% 
(i4P.NL: 123.60 Prev.: 12 




M 

1994 


130 


110 


'vv':,:. 


90 


liiiPl ili 



O N 
1993 

ttforid index 


M 

1994 


O 

1993 


M 

1994 


The index tracks US. do/tar values ct stocks in: Tokyo. New Voric, London, and 
Argentina, Australia. Austria, Belgium. Brazil, Canada, Chle, Danmark. Finland, 
Franca. Germany, Hong Kong, Italy, Mexico, Netherlands. New Zealand, Norway, 
Singapore. Spain, Sweden. Switzerland and Venezuela. For Tokyo, New York and 
London, the nder is composed oi the 20 top issues In terms of market capitalization, 
otherwise the ten top stacks are tracked 


I Uidustrijit Sectors | 


Wed. Pn». % 

• 4PJL ckwc change 


Wed. 

B4PJL 

Pnw. 

don 

% 

change 

Energy 

106.52 10828 -1.63 

Capftal Goods 

109.95 

111.46 

-125 

unties 

122.71 122.67 +0.03 

Raw Materials 

119.80 

120.62 

-0.68 

Finance 

114.66 115.43 -0.67 

Consumer Goods 

96.22 

96.96 

-0.76 

Senrkss 

11752 118.35 -0.70 

Hscetianeous 

12459 

127.44 

-224 

Foe man MotmSon about the Index, a booklet is available free of charge, 
write to Trib Index, 1B1 Avenue Charles deGauBo, 92521 NeuRlyCedex, France. 


© Jntemaltonal Herald Tribune 


Beijing 
Warns on 
Sanctions 

Relations Would 
Suffer j US. Told 

Reuters 

BEJJ1NG — China warned 
Wednesday of serious conse- 
quences if Washington imposed 
trade sanctions on Chinese slate 
exporters in the countries' dispute 
over Beijing's human-right* record. 

The Foreign Ministry said that if 
the strategy, outfitted on Tuesday 
by the Slate Department's chief 
China adviser. Winston Lord, were 
enacted, it would “seriously alTect” 
relations between Washington and 
Beijing, 

A ministry spokeswoman, asked 
to comment on Mr. Lord's propos- 
al said the most-favored-nation 
trade status that President Bill 
Clinton has said he might rescind if 
China does noL allow its population 
more political freedom, must con- 
tinue to he the basis of the two 
nations' trade. 

“The MFN status is a reciprocal 
and mutually beneficial arrange- 
ment between China and the Unit- 
ed States.” she said. “It is the basis 
for the maintenance of normal eco- 
nomic and trade relations between 
the two sides. Any move that dam- 
ages this basis will seriously affect 
Srno-U.S. relations." 

■ Barriers to Be Dropped 

China said it would remote ail 
quota and Licensing barriers on im- 
parts by 1997 and called oo the 
United States to support its read- 
mission to the General Agreement 
on Tariffs and Trade. Bloomberg 
Business News reported. 

China earlier promised the glob- 
al trade body it would cut its list of 
more than SO import items that are 
subject to quotas or licenses by 
two-thirds, a trade official said. 

“This should help our entry, but a 
lot depends on the attitude of other 
countries.*' U Zhongzbou. deputy- 
director of international affairs at 
the Ministry of Foreign Trade and 
Economic Cooperation, said. 

China wants to join GATT by 
1995 so it can become a founding 
member of the World Trade Orga- 
nization, the body designated to 
replace GATT. 


INTERNATIONAL MANAGER 


Ldahl: A Dinosaur Roars 


By Catalina Ortiz 

The A woeiaiert Press 

S UNNYVALE. California — Amdahl 
Corp.'s president. E Joseph Zemke. re- 
members trying to convince people a few 
years ago that mainframe computers were 
not dinosaurs on the verge of extinction. 

It was not easy. Many businesses were switching 
to cheaper networks of desktop computers, the 
economy was in the doldrums, and it just was not 
savvy to invest in what many considered old tech- 
nology. "It was very hard to stand up and have any 
credibility as ihe defender of the mainframe being 
anythin g more than a technically obsolescent thing 
like the buggy whip." Mr. Zemke said. 

But mainframes — big computers that handle 
huge amounts of data for customers such as banks 
airlines and government agencies — are still 
around, as is Amdahl. 

Founded in the 1 960s and now one of the SiUcon 
Valley’s oldest computer companies, Amdahl, 
whose survival some analysts had begun to doubt 
has just emerged from a reorganization that it says 
will make it profitable this year. 

Still the moves reflect Amdahl’s recognition 
that the mainframe is not immortal. The company 
says its new structure will help it compete, both tn 
mainframes and with newer products. 

The company this week announced strategic 
alliances with several database and advanced pro- 
cessor companies. They are the latest in a senes of 
joint ventures involving Amdahl. 

Analysts say Amdahl is on the ngnt tract. “ewr 
Labe, senior vice president of 
search, said the company appeared on the brink ot 

eoine under in mid- 1993. ... . 

“Now 1 think they have a battle plan, ft makes 

X Amdahl* oneof three major U.S. makere of 


mainframes, along with International Business 
Machines Corp. and Unisys Corp. 

For years, the company turned out mainframes 
compatible with IBM technology, long the indus- 
try' standard. Amdahl grew to billion in annu- 
al revenue, providing computers and services to 
3,000 to 4.000 customers. 

“We'd have gone on very nicely if technology 
were frozen in the early ’80s." Mr. Zemke said. 

Instead, though, smaller computers and net- 
works came along that cost far less than the main- 
frames but could handle the same tasks. Demand 
for the big machines fell. 

In August 1993. Amdahl said it would cut manu- 
facturing capacity by 50 percent and payrolls by 
one-third, or about 3.000 people, it reduced debt 
to $136 million from $411 million. 

The restructuring resulted in a charge against 
1993 earnings of $478 million. That left the compa- 
ny with a loss of nearly S5S0 million, compared 
with a loss of $7 million ihe previous year. Revenue 
slumped 33 percent to $1.68 billion. 

Amdahl also divided itself into independent 
business lines, including computer-storage sys- 
tems, customer services and applications develop- 
ment software. 

To help modernize its mainframes, the company 
entered into an agreement with Fujitsu Ltd., which 
has a 44 percent stake in \mdaht to develop big 
computers based on parallel processing. Amdahl's 
new mainframes are expected out in 1996. Until 
then, the company will continue to sell and im- 
prove its 5995M mainframes. 

In recent months, Amdahl and other mainframe 
makers have seen rising sales and firmer prices. 
Mr. Zemke said demand was up because of eco- 
nomic recovery, slower- than -expected advances in 
the ability of personal-computer networks to han- 
dle mainframe tasks and a more “balanced view” 
of the big machines. 


CURRENCY & INTEREST RATES 


Renault Still Has the Urge 

Now, It Seeks Partner for Truck Line 


By Jacques Neher 

Iniernuiuuial Herald Tribune 

PARIS — Three months after its proposed mar- 
riage with Volvo AJB was called off amid share- 
holder protests al the Swedish automaker, Renault 
is believed to be quietly looking for another part- 
ner to shore up its truck operations. 

A company spokesman refused to comment on 
speculation about possible partners other than to 
say. “Everyone is talking to everyone." 

Analysts, however, said the French .state-owned 
carmaker was ripe for privatization even without a 
partner. They predicted its profit would be surging 
by the time the government was ready to put it on 
the market — afler next years presidential election 
in France. 

On Thursday. Chairman Louis Schweitzer of Re- 
nault is expected to report marginally improved 
comings for 1993 despite the economic crisis in 
Europe (hat contributed to a 12 percent drop in unit 
soles, to 1.750,000 cars and 51.000 trucks. 

For 1992. Renault reported a net proln of 5.68 
billion French francs (5996 million) on sales of 
179.4 billion francs. 

A positive profit report in a recession year “will 
be a real achievement for Renault" John Lawson, 
an analyst with DRI/McGraw Hill in London, 
said. “In the lost recession. Renault was the first in 
the red and the last to come out. It has clearly 
raised itself above the level of its competitors." 

Indeed, an 18 percent decline in the European 
auto market last year ravaged bottom lines at 
Renault's major competitors. Its rival in France. 
Peugeot SA. is expected next month to report a loss 
of around 25 billion francs. Volkswagen AG had u 
group loss of 1.94 billion Deutsche marks ($1.2 
billioD). Fiat SpA lost 1.8 trillion lire ($1.1 billion), 
and Ford Motor Co.'s European unit lost $407 


million. Profit at General Motors Corp. in Europe 
fefl bv more than half, to $604 million. 

“With an upturn. Renault is very well placed for 
strong earnings growth." Eric Michelis. analyst 
with KJeinwon Benson Securities in Paris, said. Me 
predicted net profit of 1.6 billion francs for 1994. 
jumping to 6 billion francs in 1995 and S billion 
francs in 1996. 

Though Renault's European market share, at 
around JO percent is several points lower than 
those of its main competitors, the company has 
brought its costs down while altering its product 
mix to concentrate on selling iis highest-priced 
cars. 

It now claims one of the youngest model ranges 
in the European industry. Last year, it introduced 
the quirky Twingo and replaced the top-of-lhe-line 
R-25 with the Safrane. This year it has launched 
the Laguna to succeed the mid- u> upper-range R- 
21, and next year it is due to replace the midrange 
R-19 with two models, one of them a largo 1 version 
of the Twingo. 

“By 1995, Renault's product range will have an 
average age of 3.7 years, which is quite young 
considering that a model is considered to have on 
eight-year life” Mr. Michelis said. He said the 
average age erf Peugeot's current range was 5.6 
years and that of its sister companv. Citroen. 5.3 
years, 

Mr. Schweitzer, meanwhile, hopes to tap expect- 
ed booms in China and South .America over the 
next few years. In November it took a 45 percent 
stake in a Chinese joint venture. Sanjing Renault 
Automotive, to produce 40.000 minibuses a year 
by 1997. 

On Renault's possible search Tor partners, one 
recent report said the company had received a 

See RENAULT, Page 13 


Wall Street Gets 
Whipsawed in 
Volatile Trading 


By Lawrence Malkin 

Intematnmu I Herat J Tribune 

NEW YORK — Stocks tumbled 
Wednesday as major Wall Street 
firms and some of their gurus told 
investors to hold more cash. Ner- 
vousness about rising interest rates 
was the principal driving force, and 
no one knew when the Federal Re- 
serve Board would stop the squeeze 
that started the bear market. 

The Dow Jones industrial aver- 
age closed at 3.626.75. off 7127 
points, in heavy trading that was so 
volatile that curbs on program 
trading were imposed twice in one 
day after drops of 50 points, some- 
thing that has happened only once 
before, on Aug. 21. 1990. 

Volume swelled to 390.06 mil- 
lion shares on Wednesday from 
301.15 million on Tuesday. 

The sharp fall in the blue-chip 
average in the last week has left the 
Dow 8.8 percent below its record of 
3,97826 set on Jan. 31. just before 
the Fed started tightening. 

Stocks have mostly been follow- 
ing the bond market and Wednes- 
day's gyrations were no exception. 
After the morning's trading collar, 
the blue-chip barometer then 
climbed hack about 30 points and 
wavered around midday waiting 
for bond prices to improve, which 
they Tailed to do. The benchmark 
30-year Treasury bond wavered 


around a yield of 7.UX percent — 
slightly higher than Tuesday, and 
already a 13-monih high — hut 
then rose as high as 7.12 percent 
before dosing at 7.10 percent. 

Smith Barney Shear^m advocii 
its clients to raise cash in their ac- 
counts from 15 to 25 percent ,md t«» 
cut both stock and bond holdings. 

Dean Witter Reynolds and 
Nat West Securities made simil.ii 
recommendations. 

Elaine Garzarelli of Lehman 
Brothers lowered her composite 
U.S. stock indicator to 47 percent 
from 57.5 percent. Ms. Garzarelli. 
who largely follows the relation- 
ship between short-term interest 
rates and stock prices and yield*. 
widely followed because >he pre- 
dicted the 1987 Wall Street col- 
lapse. She said the current market 
resembled periods in 1971. I°75. 
1976. and 1988 when stocks de- 
clined 10 to 15 percent, and she 
said there was an even chance ot 
(hat happening now. 

Micfaad Metz of Oppenheimer& 
C-o.. who correctly predicted the 
current decline and the cause* fen it 
as far back as late autumn, said the 
stock market would go down jii 
additional 15 or 2u percent and ; 
that the reason was "very simple." 

“The mania created in the mat - j 

See MARKET, Page 10 , 


I' all‘i 


GATT at an Impasse Over Labor Standards 


Compiled by Our Stojj Fhmt Dispatcher 

GENEVA — GATT negotia- 
tors. locked in disagreement over 
workers' rights, failed on Wednes- 
day to approve a declaration cap- 
ping the seven-year Uruguay- 
Round of trade negotiations. 

The impasse raised the prospect 
of last-minute wrangling over the 
contentious issue ahead of the sign- 
ing of the overall General Agree- 
ment on Tariffs and Trade accord in 
Marrakesh. Morocco, on April 15. 

The United States continued to 
insist that labor standards should 
be placed on the initial work pro- 


gram of the planned World Trade 
Organization, the succesMir to 
GATT. 

The WTO is to replace GATT as 
the world trade watchdog in 1995. 
It is supposed to have more power 
to carry out international trade law 
and settle disputes. 

The chief U.S. negotiator for the 
Uruguay Round. John ■ Schmidt 
said the United States would refuse 
to sign a declaration defining the 
future work role of the WTO unless 
labor issues were on the agenda. 

“We are not prepared to agree to 
the declaration without a clear ref- 


erence to the labor-standards is- 
sue." he said, after a meeting of 
GATT’s 1 19 members. 

Developing countries oppose 
such a reference, arguing the Unit- 
ed States could use labor stan- 
dards. or so-called social dumping, 
as a way of being protectionist. 

Social dumping refers to West- 
ern companies dosing factories in 
the industrial world and reopening 
them in developing states in order 
to benefit from cheap labor. 

The declaration is due to be 
signed in Marrakesh as part of the 
conclusion of the seven-year Uru- 


guay Round global trade liberaliza- 
tion package. The talks began in 
Uruguay. 

When the Uruguay Round nego- 
tiators agreed on a draft package 
last December they accept©! a lim- 
ited list of subjects would be exam- 
ined in future WTO negotiations. 

Labor standards were not on 
that list and the December agree- 
ment precluded any addition to 
that lisL 

The GATT director-general. Pe- 
ter Sutherland, plans a final meet- 
ing erf senior trade negotiators late 
next week to try to resolve the issue 


and avoid the disruption irf the end 
of the Uruguay Round. 

U.S. insistence on including la- 
bor standards in the declaraiimij 
would not unravel the Uruguay 
Round trade liberalization .icconJ.. 
But there are growing doubts •mw 
whether the U.S. Congress wouk 
ratify the accord this year. 

Earlier this month Richard Gep-|j 
hardt, majority leader of the U.S.f 
House of Representative-., •suggest- 
ed postponing a vote uni if nevr 
year 

( Knight -Rnlilcr. 1 F*» 


ncluc 

“uero 


Argentina’s Stock Regulator Loses Power Struggle 


By Nathaniel C. Nash 

Sen York Times Sen-tee 

BUENOS AfRES — In his three years as 
chief regulator of Argentina's stock market 
Martin Redrado had been known as the 
Golden Boy. a baby-faced regulator who bad 
a need for the spotlight a zeal to stop often 
rampant market manipulation, a willingness 
to take tm executives erf major industrial 
groups and strong connections with the 
country's top politicians. 


But on Tuesday, those connections did not 
help the 32-year-old regulator, as his chief 
ally. President Carlos Saul Menem, signed a 
decree firing Mr. Redrado for failing to 
“keep secret information obtained through 
the exercise of his functions." 

Government officials had objected to Mr. 
Redrado’s comments to the press about ne- 
gotiations between the government and two 
Wall Street firms regaining a planned pur- 
chase of nearlv $1 billion worth of shares in 


Yadmiemos Petra liferos Fiscaies SA. the 
Argentine oil company known as YPF. 
which was privatized in June. 

The removal of Mr. Redrado as president 
of the National Securities Commission was 
seen as a victory for Argentina’s economy 
minister, Domingo F. Cavalk). 

Mr. Cavallo had chafed at Mr. Redrado's 
high profile and had made it known be 
would like to put his own nominee in charge 
of the Argentine capital markets. 


1, te 

For the last four days. Mr. Cavallo h.ithdayi 
insisted that the president remove Mr. Re-0® ‘ 
drado from office for revealing to the 
details of a plan negotiated between ih^ntei 
government and the two Wall Street firms } 
accelerate the purchase of shares ot YPhch t 
from retirees. *ntur 

At Mr. Cavallo's request. Mr. McncmJjL®! 
named Guillermo Harteneck. the economic 


See ARGENTINE, Page 13 


Signs of Recovery 
Warm California 


Lib Angeles 7inu-r Smiir 
LOS ANGELES — After a dis- 
piriting slide into the depths of re- 
cession. California's long-awaited 


consecutive, two-month gain since 
mid- 1990. California also shared in 
a national jump in consumer confi- 
dence in March, it was reported 


recovery has finaliv begun, accord- Tuesday, although the state level re- 

ing ' *— **■ : “ r - 

Wet 


to an analysis made public 
Wednesday. 

The University of Califomia-Los 
Angeles report of a slow recovery is 
the first by n prominent forecasting 
group that the state's deepest 
slump in six decades has ended and 
a fragile expansion is in progress. 

The new analysis may signal a 
broader shift in perceptions about 
California's economy in light of sur- 
prising data on jobs and housing. 

In a revision to be made public 


mains lower than the nation's. 

“By the time you read this. Cali- 
fornia will be "in recovery!" ex- 
claimed Larry J. Kimbell and Tom 
K. Lieser in the UCLA report 
which died earthquake rebuilding 
aid as a short-term calalysL 

There are limits to the enthusi- 
asm. however. Job gains are expect- 
ed to be frustrating and uneven in 
the emerging recovery, and the 
aerospace squeeze wifi continue. 
Thousands of high-paying defense 


Friday, the state Employment De- jobs will vanish in the next few 
\d op mail Deportment * now esti- years, often replaced by less-lucra- 


mates that Californio added jobs in 
January and February — the first 


Cross Rates 

* ' 

Amsterdam U* ** 
Brawls jjjffK SM** 
Frankfurt 'J 7 ® 7 148 

Lemon (al i*** 

Madrid I37JD X&n 

HI Inn 1*1275 

New York IM 


DM 

1.12*1 
an 

usa 
s\m 

_ WS 

147*50 Uffl 


F.F. 

BUM 

02Mb 


Lira 
MISS' 
11171' 
0.WH7 ■ 


Parti 
Tom 
Tnnai hi 
Zorich 

I ecu 

1 SDR 


5733 

IE* 

IJ»1 

test 

1.WI 

14017 


ISO 

Ittfl 

UK 

11913 

07753 

D.«*l 


iAUt 
*1 St 
aura 
DW4 
MB 


U87J 141787 
21W U14 ■ 
264J0 — 

57237 1*3100 

IUS11* 

IU0 MJ 
0*05 M®*’ 
him 00472 * 

tSfli ISHJS 

sue 2 JB 1 « 


DJFl 

TBJ2B 

man 

2JW 

TUB? 

M5J4 

1JK5 

30*0* 

5477 

9731o 

0JS37 

21H 

265*7 


B.F. 

i«S5* 

*053* 

51.14* 

MS 

J7.U5 

Mil 

0.1*5* 

-i.ll 

OJM* 

4.14*1' 

xm 

*KM* 




wuvdi 30 

Eurocurrency Deposits 




March 30 

S.F. 

Yon 

cs 

Paula 



Swiss 


French 


ECU 

lXe, 

1J2W* 

137 

1J75S- 

Dollar 

D-Mark 

Prone 

Sterling 

Prone 

Yen 

2*347 

UD 

25.115 

25.1H- 





6 .-6 

1.171 

lian- 

131* 

LXtor 

Traaafli 

5*8-5^ 

4 -v«J 

6 \-A •- 

2 --2 

11137 

1S25W 

I M3 

ten* 

3 months 3 ’<-3 

5Se-S^ 

4 1 .-4 > • 

6-6 1 - 

6-6 L * 

2 '-2 

6 

*4511 

mss- 

»JU 

- — 

& months * I -M , 4 

54s-5-- 

4-4"B 


Fh-d's 

2-.-2 

6^b-4^ 

J.U7JP 

liSM 

1,15*50 

lliM 

I rear 4*wi i 

5*3-5 

3'r-t . 

5 -5 

5 * 

2*i-2 

6-6 1 a 

14H5 

UBS* 

1J7W 

iy w 






*4274 

55771* 

4.141* 

iwr 

Sources: Reuters. Liovds Bonk. 




. r 



723* 

IWU 


10367 

1009* 


17374 ■ 
1J7I3* 
119274 

t&m 


1.032* 

l-SBtt 


07*** 

IflOi* 

10341* 

157*4 

1*147 


Closings tn Londont New 

ro/eso/JA*™ ftoovoncdolior 

a: To buv one pound- a. ip w 
motfoofe. 

Other Dollar Values 

Currency 


Y„r* a,* Zurich, flxktss m other centers; Toronto 
Units Ot 100; N-Q-- oodtea: ALA; not 


Currency etc s 

Arseni, peso 

AnlniLS tXSi 

ADStr.sdiU. 

Brazil mo. 

Chinese yuan 1*7** 
CzecttlorvM »-» 

DaaiUiknxw SOM 

Egypt peand M 77 
FJ/xmorirto Sil* 4 


Greek dn*. 

Hgitg KOOflS 
Huns, forint 
inmaa rVPM 
inda rnphjn 
Irish* 

IsrtWU s!*h- 


per* 

HIM 

7.72SS 

IBM* 

31J5 

215003 

0.7017 

2«770 


Kuwaiti dinar 07*77 


Moloor. rlno - 




Currency 

MW- new 
N.ZecMmls 
Morw. krone 
PHIL w»o 

pa usk zloty 
port escudo 
rose, note 

5oo4irWoi 

Slog. I 


Per* 

1345 

1.795* 

73145 
27 JO 
22017 

17305 

1753.00 

17541 

1J7 


Currency Per* 
S.A(r.nmd M79 
•LKar.won 
Steed, krona 
Taiwan* 

TnolbnM 
Turkish lira 
UAE dirmm 
Vonez.ho((v- 


90700 

7.8155 

2937 

2535 

21990. 

1471 

114,97 


Key Money Rates 

United states Close Prev. 

Dttanmfrale 3-W 

Prime rale 4 l * 

Pedorm funds Mi 

3-nxmlti CDs 147 

Comm, paper 1M days 405 

Sxmontti Treasury bill 3.47 

1- veor Treasury Ml 4.19 

2- year Treasury aote 5.15 

5nwr Treasury note k32 

liter Treasury note 4J6 

10 - rear Treasury note 6Ji 

SWyear Treasury hand 7.10 


Merrill Lynch 3»day Ready o«ef no. 


1*M 


Forward Ratos 

Currency 3iyM, r 

Poond Sterling 
Deutsche nun* 

Swiss franc *** 


60-dor 

1.4735 

1A&4I3 

1.4265 


9MOY 

1.4720 

1.6940 

1.4250 


currency 
Conodkrrr <*>«*• 
Japanese yen 


30-day 

13795 

10205 


today 90-day 
13816 13837 
10172 10235 


i**-' 


wtss franc — , 


Discount ralt 
Call money 
i- month inrarhank 
J-montb interbank 
4-nwnHj inferoanfc 
10-vear Government Hand 
Oernwny 
LomMrtfrate 
Can money 
i-moMti Interbank 
3-maatti lutrrtmnk 
6-montn interbank 
10-vear Buid 


2K 
2 '« 
405 

5 *- 

5^ 

505 

ST- 

505 

A31 


6 L - 

j:. 

139 

402 

348 

4.19 

S17 

018 

032 

4.71 

704 

m 

2 '. 

24s 

2'w 

2«6 

402 

Mi 

500 

505 

500 

505 

iul 


Britain 

Bank bate rate 
Call money 
1 -month Interbank 
Mnonth InterbanV 
(-month intertaaoB 
10-vva’GiU 
France 

Intervention rate 
Cad money 
Mnonib interbank 
3-mofllh Interbank 
Mnanth interbank 
10-vear OAT 
Sources. - Reuters 


5'* 

5'm 

4*1 

5*6 

5'* 

si- 

5*s 

s'. 

5'k 

5 - 

700 

707 

400 

400 

6’a 

4’-. 

a '« 

6'.4 

4 ■ 

4V. 

4.00 

6*-. 

609 

UO 


Bloomberg. Merrill 


Lynch. Bonk ot Tokyo. Commerzbank. 
Greonwett Moatodu. Credit Lromou. 

Gold 



AJWL 

PM. 

cnye 

Zurich 

3872S 

IB7JS 

+ 0.40 

London 

384.75 

387.15 

+ 0J5 

New York 

J860O 

384M 

+ 020 


US. donors per ounce. London official he- 
km; Zurich and New- York opening and clos- 
ing prices: New York Come 1 2pm.tAprtH 
Source: Pewters 


live jobs in service industries. 

Yet even a lukewarm upturn 
would be a striking shift from the 
four-year barrage of bleak economic 
news, a traumatic period in which 
the state lost more than 600,000 
jobs. For the first lime since 199 0. 
the UCLA analysis says. Califor- 
nians have reason to anticipate mi 
increase in jobs, incomes, retail sales 
and construction. 

To make their case, economists 
at the UCLA Business Forecasting 
Project selected from a growing if 
tenia live array of evidence: 

• Payroll jobs rose 15500 m Feb- 
ruary and 7300 in January — a 
month in which officials had previ- 
ously counted a decline, according 
to estimates by the state Employ- 
ment Development Department. ' 

• Business failures in January, as 
gauged by Dun & Bradstreet Corp.. 
fell 23,3 percent in California, com- 
pared to a year ago. 

• Sales of existing homes have 
been running about 20 percent 
higher than year-ago levels, a rally 
that could boost purchases of ev- 
erything from curtains to carpels to 
kitchen cabinets. 

“We've changed our thinking." 
said Adrian Sanchez, a regional 
economist at Los Angeles-based 
First Interstate Bancorp, which is 
currently revising its own forecast 
in light of the improved economic 
news. “California is clearly close to 
a recovery." 


FIDELITY INTERNATIONAL FUND 

Sodete d'lnvestissement a Capital Variable 
Kansallfa House 
Place de I'Etoile, BJ>. 2174 
L-102I Luxembourg 
Luxembourg B 24 054 

NOTICE OF EXTRAORDINARY GENERAL MEETING 

The Shareholders of Fidelity International Fund llhe "Fund"! are hereby convened to an Evtni- 
ordinary General Meeting of shareholders to he held on April 15. 1994 al the registered office i» 
the Fund. Kansallis House. Place de I’Etoile. in Luxembourg at I2.U0 am. with the following: 

AGENDA 

To approve the merger of the Fund into Fidelity Funds, a "Societe d'Investissenieni ii Capita! 
Variable" under the laws of Luxembourg having its registered office at Kansallis House. Place de 
I'Etoile. Luxembourg. 

Upon hearing 

ti) the report of the Board of directors explaining and justifying the merger putpo*aI published m 
the Memorial. Recueil Special of Luxembourg on November 25. 1993. no 501. 
tit) The audit report prescribed by article 266 of ihe law of Ifilh August 1915 regarding 
commercial companies prepared by Coopers & Lybrand. Luxembourg, and subject to approval 
of the said merger proposal by the shareholders meeting of Fidelity Fund, if any. 

1. to approve such merger proposals; 

2. to approve the allocation of shares in Fidelity Funds - International Fund in exchange lor 
the contribution of all assets and liabilities of the Corporation to Fidelity Funds - Inter- 
national Fund, a fund set up within fidelity Funds at the ratio deiermined'on the effective 
date of the merger on the basis of the respective net asset values per share ; 

3. to state that upon the issue of the shares of the class International Fund in Fidelity Funds to 
the shareholders of fidelity International Fund, all the shares of Fidelity Internal ional Fund 
in issue shall be cancelled and Fidelity International Fund shall be dissolved: 

4. to approve that all steps shall be taken by the Board of directors of the Corporation for the 
implementation of the merger proposals. 

Resolutions on the agenda of the Extraordinary General Meeting will require a quorum of at least 
50% of the outstanding shares and will be adopted if voted by two thirds f 2/3 1 of the shares 
present or represented. 

The following documents shall be at the disposal of the shareholders for inspection and for copies 
free of charge at the registered office of the Corporation : 

1 . the Merger Proposals and the related Merger Agreement. 

2. the annual reports of the Corporation and Fidelity Funds for their respective lust three 
financial years. 

3. the semi-annual report of Ihe Corporation for ihe period ended May 31. 1993. 

4. interim financial statements as at October 3 1. 1993 for the Corporation. 

5. the reports of the Board of directors of the Corporation and of Fidelity Funds. 

6. the report of Coopers & Lybrand relating to the merger proposal. 

In order to take part to this General Meeting, owners of hearer shares will arrange lor ev idence til 
the deposit of their shares to be sent to; 

Kredietbank Luxembourgeotse SjV. 

43. Boulevard Royal 
L-295S Luxembourg 

On behalf ol 

The Board of Directors 



Investments 


paur 
udn 
sy fc 
»s b 
- Ca 

n Ar 
Mor 
3t. * 
Drav 
emu 
jxJ 1 
tmer 
on* 
wort 
t an 


I 





Pajrt* 10 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, MARCH 31, 1994 


Jp MARKET DIARY 


U-S./AT THE CLOSE 


Th 

mt 


- 12 
HiB 

£ 


m n> 

s 

59 

20 ' 

s. 

cS; 

iW 

la 

.37 

lit 

4+ 

C ?5 

lit: 


• 41 - 
1 18 
(34 
■ 28 
f M 

* 19 
24 
37 

_ 20 

'38 
1 » 

1 92 
30 

33 
- 13 

20 

34 
24 
23 

.27 

U 

28 

30 

*£ 

0 

It 

39 

.42 

26 

S2 

33 

22 

14' 


Yen Gains Strength 
On Trade Dispute 


Via AMOdmd Frail 


March 30 


Citmpilnl bt i fur Stuff Front Dnpahfia 

NEW YORK — The plunging 
slock market quashed interest in 
buying dollars, leaving the curren- 
cy nearly flat against most other 
units and lower against the yen. 

The dollar fell to 101840 yen 
from 103.125 Tuesday, a six-week 
low. burdened by renewed senii- 

Forqign Exchange 

mem that the U.S. government en- 
dorses a stronger Japanese curren- 
cy as a solution to the current trade 
rift. 

The dollar edged up to 1.6751 
Deutsche marks from 1.6720 Tues- 
day and to 5.7137 French francs 
from 5.7230. But it slipped to 
1.4185 Swiss francs from 1.4225 
Tuesday. The pound fell to SI .4795 
from S i.4850. 

The yen's strength spurred talk 
that the Bank of Japan and the Fed- 
eral Reserve Board bought dollars to 
stem the U.S. currency's slide. One 
dealer said that if central banks fail 


to defend the dollar, it would slide to 
100 yen “very quickly." 

The Bank of Japan has “drawn 
the line in the sand at 10150 ." said 
Steve Flanagan, a dealer at 
PaineWebber. He said that level 
was the midpoint of the currency's 
recent trading range agaiasr the 
dollar. 

The U.S. rejection of the market- 
access plan proposed by Japan this 
week has rekindled sentiment that ■ 
President Bill Clinton was endors - 1 
ing a stronger yen in order to make 
Japanese goods more expensive for 
U.S. consumers, thus choking off 
demand and lowering Japan's trade 
surplus. 

The mark was undermined by 
the Bundesbank's latest incremen- 
tal easing of interest rates in the 
form of a 4 -basis-poinl cut in its 
securities repurchase rate. 

Analysts said the Bundesbank’s 
move appears to make clear that 
the central bank remains firmly on 
course to lower kex interest rates. 

( Reuiers. Knigfu-RidJer. AFX I 



MARKET: Shares Slump 


1 

NYSE Most Actives 


VOL 

Hkttl 

LOW 

Last 

aig- 

cnryslr 

53882 

52 ' j 

50 k« 

SO'. 

— 1 1 ? 

•jn/AOtr 

42753 

56 'n 

54 '* 

54 '-. 

— \ -■ 

Merck 

40938 

30 ' 1 

29 'r 

? 9 S. 

1 J 

IBM 

40900 

SS 

52 '/ 

53 S. 

1 

TetMe> 

40 S 45 

60 *. 

59 '. 

59 ' . 

A* 

Deere 

37276 

83 '). 

80 

S 3 1 • 

l\ 

EkaaaL 

36844 

44 ’. 

44 ' 1 

44 ■■ 

’ H 

RJR Nab 

34471 

B' 

5**4 

5 '« 

— ' 1 

BanvAm 

34301 

403 . 

39 '/ 

39 ': 

— v ■ 

DUKCP 

32274 

36 ' « 

jbL 

36 'r 

— 1 ; 

PtiilMr 

30159 

51 'i 

49' 1 

SO'i 

1 J 

GTE 

28*74 

3 IL. 

30 '. 

30 '/ 

l H 

walMrts 

2*458 

26 *p 

76 '. 

26 '- 

— 1 ) 

C.licarp 

27415 

37 ' : 

36 '. 

36 • 

44 :>g 

GenEI 

76049 101 '-: 

98 

99 

- 3 ' - 


Dow Jones Averages 


Open High Low Last an. 

kudus 368836 3699.02 36267 5 367675 —7277 
Tram 147339 1476 74 163840 1638-50 —36.86 
UlH 200.76 201.27 170.00 198.00 —3.23 
Come 1321.85 1324.78 127820 1278 28-2633 


EUROPEAN FUTURES 


Standard & Poor’s Indoxes 



Previous 
High Low 

a me 

Today 
4PM 1 

Industrials 

Tronsp. 

Utilities 

Finance 

SP 500 

SP 100 

537.97 

414.88 

161X2 

4X36 

46032 

42658 

528X5 

404X6 

159X0 

419X5 

S&Sf 
404X4 
159X4 
42X0 
452X8 
419 J I 

524.10 
400X5 1 
157,18 
42.12 
*45X5 
4I2J5 

NYSE Indexes ' 


Htoti 

LOW 

Last 

Cbg. 

Composite 

industrials 

Tronsp 

Utter, 

Finance 

751 JO 
309 81 
75* 10 
211 91 
207 66 

247 J4 
304 9? 
257X1 
708 58 
204,15 

747.34 

304.97 

752.14 

703.58 

2W.45 

—3 96 
—4X9 
—4X6 
-3 31 
—331 

NASDAQ Indexes 


High 

LOW 

Last 

Oto. 


Metals 

CM* 

Bid A*k 
ALUMINUM (Htah Gnid*) 
Dolton; per metric toft 
SPOl 179700 129BJM 

Forward 13203)0 13213)0 

COPPER CATMPPES IMIg* 
Dollars per mule ton 
Sad 187600 1877JJ0 

Forward 187000 >87030 

LEAD 

Dollars per metric tan 
Sort 44830 449 JO 

Forward 46230 46300 

NICKEL 

Dollars pot metric tun 
Soot 5530 6 S535X0 

Pwwnrd 559260 5575X0 

TIN 

Dollars per metric too 

Scat 541000 5420.80 

Forward 546500 547000 

zinc (Special hhhi Grads) 
Dollars Per metric tan 
Spot 93930 74050 

Forward 9«4>80 76050 


Pro* loos 
Bid A*k 


130930 131050 
133330 133430 
Grade) 

192500 192680 
T9 3600 193700 


457X0 

47280 


45880 

47388 


KISH 

GASOIL (IPS) 


Industrials 

Last Settle OTCc 


Low 


561080 562080 
568000 568580 


544580 5455X0 
550000 HID, DO 


95150 

77580 


95430 

77680 


U X dollars Per metric ton-lots Of wo tons 
Apr 13730 13480 13425 13425 +<175 

#S5y 13530 13480 13480 134£ Uitfv 

Jan 1358S 13480 13480 134 00 UlKtL 

jSl |£Jo mS l£S I3SJ5 -050 

m taa 13775 was —a 25 

Sec 14030 13950 13730 13775 UnCp- 

oS 143J5 14250 142-50 M275 Unch. 

SSL iSg MATS 14675 144.75 Unch. 

Ok 14630 M630 14780 + 030 

Jd£ 14675 Am 14880 14775 —085 

m NT NX ILT. 14880 +075 

148X5 14025 14025 147.75 + 025 
ESI. volume : 14302 . Open tat. 11Z948 
BRENT CRUDE OIHJPE) 

U3. dalicm per Oarrel-lots at 1880 barrets 

1326 12.77 1325 1325 + 015 

jSf 1320 1387 1328 

Jd 1140 1123 13-40 

Aim 1335 TL38 H35 

I Sea U70 1335 1370 

q£ llS 13^ 1383 

BS. N " N.T. N.T. 

Dec MAS 13.75 13.97 

JSi N.T. M.T. NT 


1328 +OM 

1329 +0.12 
T335 +SLI6 
1337 +016 
1337 + 021 
1487 +033 
14.18 +026 
1424 +021 


Composite 75183 745.85 —9+1 

industrials 7B6 10 *73.61 779JI —1002 

Banks 681.13 677.02 4/7.15 —6-84 

Insurance 888. oa 478 38 08380—1069 

Finance 885 77 880 39 88029 —9 44 

Tronsp 764.81 755*3 7S9.71 -JM 

Telecom 167 J8 <60 70 16070 —230 


Financial 

High Low Close Choose 
3-MONTH STERLING CLJFFE) 

C5SS80Q . pts ot MB pet 


Unch. 


+ 086 
Unch. 
+ 081 
+ 085 
+ 006 
+ 083 


Jun 

94X6 

94.42 

9452 

Sea 

84J4 

94.10 

94 JO 

Dec 

94X3 

9172 

93X6 

Mar 

9153 

9123 

93X7 

• jgn 

93X3 

9273 

9197 

Sea 

92X1 

9270 

92X5 

Dec 

92X6 

91.79 

92X5 

Mar 

91.75 

9150 

91.71 

Jim 

91J8 

91 20 

91X6 

Sea 

9128 

90XB 

9125 

Dec 

91.11 

meo 

91X7 

1 Mar 

90.92 


90X6 

| Est. volume: I7M38. Open Inf.: 461 


34 
• 30 
59 
27 
25 


£ 


Continued from Page 9 
kel by real short-term rates staying 
at zero for so long pulled people 
out of bank deposits ana into 
slocks and bonds who shouldn't 
have been there in the first place.” 
he said. “Now that the Fed is rais- 
ing real interest rates, people are 
adjusting their valuations for the 

U.S. Stocks 

returns they get and those who 
piled into stocks and bonds are 
piling out." 

Not all his firms have changed 
their asset allocations. Those that 
did noi included Merrill Lynch & 
Co.. Goldman. Sachs & Co_ CS 
First Boston and Salomon Brothers 
Inc. 

"I continue to believe that <*e are 
in a correction in an ongoing hull 
market." *iid Steven Einhom of 
Goldman Sachs, adding that he be- 
lieved Wall Street would pick up 
again after the uncertainty ends 
and that long-term investors 
should sit light.” 

The problem for Wall Street 
forecasters as well a> investors is 
that none of them knows when the 
Fed is going to stop raising rates. 
When Alan Greenspan, (he central 
bank chairman, told Congress at 
the end of Januan that the central 
bank was going to start lightening, 
the federal funds rate, which sets 
the wholesale cost of money, was at 
3 percent. Since inflation was at the 
same level, real interest rates were 
said to be at zero. 

The Fed has raised rates twice by 
one-quarter point since then, and 
Fed watchers predict that it will 
stop at between 4 percent and 4.5 
percent, when it thinks it has done 


enough to slow the economy to its 
normal path of just below 3 per 
cent. 

The problem is that neither they 
nor the Fed knows what the appro- 
priate level to reach that target 
should be. and this uncertainty has 
clobbered bond and then stock 
markets. 

So it was the bond and Fed 
watchers’ opinions that carried 
weight. David Jones of Aubrey 
Lanston & Co. said that the Fed's 
long period of low rates poured too 
much money into the market and 
made valuations “too rich." 

Then the Fed turned around and 
the White House mishandled Japa- 
nese trade negotiations, he said, 
“which produced massive sales by 
Japanese bondholder;.." Mr. Jones 
also factored in the domestic poli- 
tics of the Whitewater scandal and 
such foreign crises as North Korea. 

"We have a wimp in the White 
House and everyone all over the 
world is going to try to scare him. 
and that scares Wall Street." Mr. 
Jones said. 

Sam Kahon or Fuji Securities 
agreed that the primary impetus 
was psychological and its principal 
effect was not on long-term inves- 
tors but on mutual fund managers. 

“Any modem portfolio theory 
says the driving force of stock prices 
is "short-term rates." he said. "If the 
Fed is doing things right, this correc- 
tion will only be temporary. Bur 
meanwhile you hare nervous people 
managing billions in funds who get 
painted into a comer every quarter 
because they have to show results, 
and the end of that first quarter is 
just coming up this week." 


AMEX Stock Index 

High Low Last dig. 

454.4] 445a' 44534 —6.89 


NASDAQ Most Actives 


Dow Jones Bond Averages 


34MONTH EURODOLLARS CLIFFE) 

*1 mihlon-glsofJOOpcI 
Jim TSAI 9563 9SAJ UlKft. 

Sea 95.17 95.17 95.19 —081 

r2r 9488 9468 94 J2 Unch. 

Mr 9442 WA2 7446 -081 

jST NX N.T 94.14 -aw 

Sea N.T. N.T. 9386 — 085 

Eli. volume: 239 : 494 9,439. 

3-MONTM EUROMARIVStLIFFE) 

DMI million - pts trfieo pet 


~E$L volume: 46485 . Oaen Ini. 140850 
1 High Low Last Settle ChVe 

j Stock Indexes 

> High Low Close Change 

1 FTSE 100 (LIFFE) 

, >25 per Index point 

Jan 31378 33558 SUM -»8 

1 5w 31158 38958 30778 — 5E 8 

i Dec N.T. N.T. 30860 —598 

■ Est. volume: 20774. Open lirl.: 5&A3& 

[ CAC40 (MATIF) , 

' 208380 -+36A0 

I Apr 211580 2D3980 209280 -+37.00 

[ M. 211580 208280 »9580 -+37.® 

JIM 210050 207680 3J7B80 -+31*! 

; Sep 211380 210980 209780 -+36-50 

Dec 212680 2126.00 2128-50 +3780 

I Est volume: 6X132. Oaen urt.; 81 XSS. 

Sources: Mb til. Associated Press. 
[ London inn Financial Future* Exchange. 
I Inti Petroleum Exchange. 


i Dividends 



VoL 

Htoh 

Law 

Last 

OlQ. 

AK Steel 

81683 

24', 

23*: 

23*. 


Novell 5 

79501 

18’/ 

>?*■ 

17‘. 

— ? j 

Acteum 5 

76610 

16'/ 

13'/ 

(J*/ 

— 5U 

Ciscos 

56874 

34‘, 

31 

33' 


Intel 5 

51386 

67' j 

65'. 

66 ' / 


Li con 

49638 

11 1 

1 . , 

1 .. 


Oracles 

39694 

JJ’. 

30'/ 

32'/ 

1 1 a 

3Com 

3*433 

56k. 

51 ' . 

54'/ 

1 » 

MCI s 

3*481 

24' , 

33': 

73 - 

■ j 

NwbNh s 

32565 

S7'. 

S3 1 1 

56 

— 1 . 

mrgOv 

29916 

77*. 

25', 

25 '« 

-I 1 -. 

' LOUS 

2793U 

f 1 ' J 

68 ', 

70' . 

1 , 

1 DSC 

77593 

SO': 

40'. 

Jfl', 

— 2 * .* 


7*1/1 

85 

57': 

SI'- 


THCmA 

26908 


20 1 . 

*u'- 



20 Bonds 
10 Utilities 
10 Industrials 


Previous 

Close 

101.19 

99.1) 

10388 


Todav 

Non 

10183 

9880 

10386 


Jun 

Sen 

Dec 

Mar 

Jan 

Sea 

Dec 

Mar 

Jun 

E-BP 

Dec 

Mar 


9454 

74-79 

74.92 

9582 

9489 

948 * 

9449 

9486 

74.11 

9193 

9180 

7164 


9447 
7472 
9481 
94.70 
94.79 
9459 
94 43 
7423 
7482 
9387 
9176 
9157 


9427 

94.91 

9581 

7488 

9467 

7449 

9429 

9489 

9194 

9180 


+ 083 
+ 083 
+ D81 1 

Unch. I 

9165 Unch. [ 



Company 

Per 

Amt 

Pay 

Rec 

-i-OXI 

-*0X3 

4-0X6 

IRREGULAR 



Banco B1lbaoVi3 

Jr 

■3A5 

+fl 

5-7 

+-CLCS 

Enuirgh China Ckrr 


7474 

4-fl 

+1 

+ 0X6 

Fatrtvxven Inn A OR 

* 

na 

5-6 

+9 

+ 0X5 1 Telel Mn ADR L 


7667 

+20 

+30 

4-0X6 

Tetot Mex ADR L 

X 

J667 

11-21 

12-1 


NYSE Diary 


Est. volume: 102X26. Oaen Ird.: 932J62. 


AMEX Most Actives 


LdVOTKCd 

Declined 
Unchanged 
Toiai 1 smi« 
Neva Highs 

Mev. Laws 


aau 

Prov. 

! FF3 million 

1 Jan 

- pH of )B8 PCt 
94JJ4 93X7 

94X2 

353 

280 

Sep 

9428 

9422 

9426 

2C43 

X3J 

Dec 

<UM 

9420 

94X4 

40! 

m 

Mar 

94X7 

9*.49 

94SS 

7BQI 

J7&- 

Jun 

94X0 

94X1 

9446 

4 


1 Sep 

94J2 

9423 

«428 

JOT 

199 

1 Dec 

04.11 

94X6 

"410 

Mar 

93.95 

93.93 

9195 


K -appro* afTtounl per ADR. 

5TOCK SPLIT 

One Pria doming 3 tor 3 wilt. 

INITIAL 

Fsf Home SvcsBk n . .10 4-2fi 5-10 

REGULAR 


+ 083 
+ 083 
-i- pm 
+ 084 1 
+ 082. 
Unch. ! 
+ 081 



VOL 

High 

Law 

Last 

Chfl 

■ wavCa 

18505 

74 H 

23 

24', 

— « V 

5PDR 

1H99 

45/ 

44' ; 

44 

__ • . 

ChevWs 

*065 

26'.. 

24 - 

25 

— ' 4 

ftudre 

5912 

I 



- . 

TooSree 

516* 

71. 

6'. 

■: , 


EN'iCO 

4991 

3'. 

3'/ 

3 - 

_ ' , 

Ec'viBay 

42*1 

13 

17*. 

12'. 

— ‘ . 

inte/cm 

3*36 

16'/ 

• 5' 

IS'« 

J 

E>dLA 

3554 

1- .. 


V.. 

. 

RovaiOa 

350* 

4” . 

4 . 

J 



AMEX Diary 


Ad-vox ed 
bee Hoed 
Unmanned 
Toiai <Mues 
New Highs 
New Lows 


IQS 132 

538 52? 

701 1*4 

B4J 8S3 

I 6 

60 36 


Market Sales 


Previous NASDAQ Diary 



Todav 

Prev. 

[ 

dose 





j Declined 

2323 

7228 

NYSE 

390X6 

364X2 

1 Uncnonged 

1640 

1667 

Amex 

21X0 

20502 

1 ToJalosues 

4851 

4848 


35622 

SH 555 

; Nesi Highs 

23 

40 

tn millions 



| Nev/ Laws 

130 

104 


Esl. volume: 45841. Open bit.: 2S&SS2. 

I 10-YEAR FRENCH GOV. BONDS (MATIF) 

. ffswuwo- otsonoe act 

Joa >2110 122-30 12386 +022 

Sep 12280 12186 I22J6 +082 

•Dec 121.16 121.16 17166 -rQJ3 

' Est. volume: 204710. Open lnt.: 157^0. 
LONG GILT (LtFFE) 

SHAH - Pts a 32ndS at 100 PCI 
Jim 107-24 104-25 107-24 +2-02 

Sea 10+28 10687 106-78 + 2-02 

: Est. volume: 109.761 Open ml.: 172874. 

! GERMAN GOVERNMENT BUND (LIFFE) 
! DM 250800 -Pts Of 100 pd 
< Jan 9686 9576 «A27 +023 

'Sen 9580 9550 94 0B +027 

I Est. volume: 116801. Open ML: 3 1WJC8. 

■ 10- YEAR FRENCH GOV. BONDS [MATIF1 
FF5008M - nts ofloo net 
Jun 12110 12280 12186 +0-32 

Sen 12200 12186 1223* +972 

> Dec 171.16 131.16 121-66 +0J3 

Est. volume: 2W.710.Ooen Ini.: 157X80. 


Am AdiRt Term9S 
AmAdIRt Trm 96 
Am AdiRt Trm 97 
Am AdiRt TrmTfl 
Am AdiRt Trm 99 
Am Govt into 
Am Govt InCoPMI 
Am Gavl Term ir 
Air Sel Pttl 
Am Slrotlnco PHI 
Am 5 trot i rx Ptm 
Am Slrotlnco: II 
Dean witter Gvllnc 
Dean With Gviinco 
Dean Wlttr Gvtlnca 
Dreyfus SlrctMnSd 
Foothill indeoBcs 
Fst FronWn CP 
Hi Inca Aduont 
HI Inco Advonlll 
Hi Inco Advent! II 
Illinois Power 
Illinois Pw cdiofA 
Illinois Pw odiefB 
InterCoD CA insMun 
interCopCA OuoLVjt 
tos Products 
ten DW Trm 2000 
TCW DW Trm 2302 
TCWDW Trm 2003 
Utd Natl Ben 
WD40C0 


M 8325 
M 845 
M MSS 
M 847 
M 803 
M 8M 
M sm 
M .065 
M 89625 
M .1125 
M .1125 
M .10 

M 35 
M 85 
M .05 6-10 6-74 


4-8 +27 
4-8 +27 
+8 +27 
4 -a + 2 ? 
4-8 +27 
+S +27 
+8 +27 
4-8 +77 
+8 +27 
4-8 +27 

4- 8 +77 
+« +27 
+6 +73 

5- 6 5-20 


M 

O .10 
Q -12S 
.--1 85 

M 8525 
M 86 
Q 80 
Q 
O 

M 8725 
M 8675 


855 +13 +77 
+7 +21 
4-8 +1B 
+8 +22 
+8 +22 
4-8 +22 
+11 


.75 +11 
875 +11 


5-1 
5-1 
5-1 
4-8 +22 


4-8 +22 


O 85 5-25 +15 
M 8533 4-8 4-22 


M 87 
M 862S 
O 25 

a so 


4-8 +22 
+8 +22 
+15 5-2 

4-8 +29 


o-amutd; g-pavafcle in Canadian fonts; m- 
maattily; a-aoarteriv; s-setni-a mi pal 


Europe Markets Drop With Wall Street 

Ctmpikxl h Our Stdff Fr-m Dirpauhn 

LONDON — Wall Street's weakness spilled over 
imo Europe on Wednesday, with most major indexes 
sliding at least I percent. 

Concerns that rising U.S. interest rates will draw 
U.S. investment cash back home and away from 
overseas markets aided the sell-off. analysts said. 

Bonds traveled in the opposite direction, with prices 
buoved bv the Bundesbank s cui in its securities repur- 

u. The 


chase rate to 5.76 percent from 5.80 percent. 
British Treasury's comment that inflationary 
sures “remained weak" fueled a rally in British bond 
prices that sent the yield on the benchmark 10 -year 


issue down to 7.60 percent from 7.87 percent Tuesday. 


The Financial Times 100 -share index lost 0.99 per- 
cenL slipping to 3.09140 points from 3 . 123.40 on 
Tuesday. In Paris, the CAC -40 index dropped 1.86 
percent", to 2 . 083 . 87 . and in Frankfurt, the DAX index 
fell 0.96 percent to 1147.53 points. 

The European component of the Intemauonal Her- 
ald Tribune World Stock Index fell 0 . 6 S percent, to 
110 . 63 . 

SrilL fund managers in Britain said they were little 
troubled by what they saw as a short-term reaction to 
declines in the United States. “The move's been emo- 
tional rather than logical." said Stewart Higgins, fund 
manager at Martin Currie Investment Management 
Ltd. t Bloomberg. AFP. Reuters ) 


To Our Readers 

Because of the seven-hour 
time difference between New 
York and Paris until April 5 . 
some items in the Market 
Summary above are from 3 
P.M. New York time instead 
of the usual 4 P.M. 

We regret the inconve- 
nience, which is necessary' to 
meet d : stri button require- 
ments. All editions' wiU again 
carry dosing prices and index- 
es after April 3 . when Daylight 
Saving Time begins in the 
United States. 


Northrop Offers to Raise 
Grumman Takeover Offer 

Sft on rival Martin Marietta Corp. to increase ,ts 

S 5 NSS^p.°!Jhich has already offered 560 a share, also rejected Gninv 
man bidding rules that sought best and last offers for die company. It 
save Grumman until 3 P.M. on Thursday to accept its 56 - offer, and snd 
it would reduce the bid to S 60 after that time. 

U.S. Eases Electronics Export Curbs 

WASHINGTON (Combined Dispatches) - The United Slate '•aid 
Wednesday it will scrap Cold War export controls on shtproenu of moM 
telecommunications equipment and computers to China anu the former 
Soviet bloc, although the curbs would remain for North Korea. 

The more could mean billions of dollars in extra busuiessfor U.S. 
companies. The executive-branch action, which wkes effect Thursday, 
follows U.S. agreement with its allies to end the Col d Wa r regime tliat 
placed strict limits on exports to the West's former communist foes. 

Robert Rubin, a White House economic adviser, said export licenses 
would still be required for North Korea. 

Before the export announcement. U S West Inc. said ti received j 
$125 million loan guarantee from the Overseas Private Investment 
Corp., a U.S. government agency, to develop Russian telecommunica- 
tions networks. (Reuters. AFX. Bfotmherg 

Factory Orders Slip With Plane Sales 

WASHINGTON (AP) — A sharp drop in military and commercial 
aircraft sales in February caused the first decline in orders to U 5 . 
: factories since last summer, according to a report Wednesday by the U.S. 
) Commerce Department, but analysts said they were upbeat. 

Orders to U.S. factories fell 1 percent in February, breaking a six- 
1 month string of advances, the department said. 

| Analysis said a closer look at the report discloses underlying strength 
in the manufacturing sector of the economy. They said that excluding 
I highly volatile defense and aircraft sales, orders were up 4.9 percent. 

i Genetics Research Deal Planned 

NEW YORK (NYT) — In a vote of confidence for the emerging drug- 
, discovery science of genomics. Hoffraan-La Roche Inc. plans to enter a 
1 research collaboration agreement with Millennium Pharmaceuticals Inc. 
! valued at more than $70 million. 

! The collaboration would cover the use of Millennium's, proprietary 
i genomics technology for the development of drugs to treat obesity and 
; adult-onset diabetes. Genomics aims to identify all the genetic infomia- 
i tiou in the human body. 

1 New Sullivan Rules on South Africa 

! PHOENIX (AP) — The author of the Sullivan principles, which asked 
; businesses to promote integration and equal opportunity’ in South Africa, 
has developed new rules for those planning to return there. The Reverend 
Leon Sullivan's follow-up rales call for companies and other investors lo he 
• socially responsible in returning to South Africa. 

; Spectrum Loses Another Chairman 

NEW YORK (Combined Dispatches) — Edward Maskaiy. who was 
named chairman and chief executive officer of Spectrum Information 
Technologies Inc. just a week ago, said Wednesday he would resign from 
the company as soon as a replacement has been found. 

Mr. Maskaiy is the third chief executive to leave the company since 
February. Spectrum said Mr. Maskaiy fdt the company needs a new leader 
with no past ties to Lhe ManhasseL Long Island, company, which designs 
and licenses wireless cellular technology? (Knig}u-RulJer. A Pi 

U.S. Proposes Steep Tariffs on Fuji 

WASHINGTON (Bloomberg) — The U.S. Commerce Department on 
Wednesday proposed steep tariffs on imports of low-priced color photo- 
graphic paper made by Fuji Photo Film Co. The ruling came in response 
to a complaint by Eastman Kodak Co„ which alleged that the Japanese 
company was using profits from its monopoly position at home to 
subsidize low prices in the United States in violation of U.S. trade law. 

For the Record 

Allied Signal Inc. has ended talks with the German chemicals company 
BASF AG without reaching agreement on creating a joint venture of their 
textile and carpet fiber businesses, an Allied spokesman announced 
Wednesday. iAF.Yi 


WORLD STOCK MARKETS 


Aganu From Pimm Moich30 
ClOMProv. 


U.S. FUTURES 


Via AnociaW Sin 


Amsterdam 

ABN Amro Hid 
ACF Holding 
Aegon 
Ahold 
Also Noon 
AMEV 

Bois-Wnunen 
CSM 
DSM 
Etoevter 
Fohker 

Glsl-Brocodn 
HBG 
Heine ken 
Hoogovens 
Humor Douglo; 7780 7750 
IHC Coiond “ 

Inter Mueller 
Inri Nederland 
PCLM 


+19Q 

65 

Amer-Yhlvmo 

126 

128 

46.70 

JIM 


17.70 

38X0 

93J0 

94 


|9S 

200 

48X0 

48.70 

K.O.P. 

11.40 

11.711 

NA. 216X0 

Kvmmene 

111) 

116 

77.10 

76.90 


197 

201 

40.70 

J9J0 

no), in 

395 

*06 

6620 

66X0 

Pohloic 

91 

90 

12840 

178 

Rctela 

£ 

94 

167.70 

171 

Stockmann 

300 

52.10 

308 

22S 

56 

St 

312 

226 

57.10 

HEX index : 176+77 
Prevtops : 1087J8 



KNP BT 
Nedllovd 
Qce Grlnlen 
Pukhoed 

Philips 

Polygram 

iwueai 

Rodamco 

RolSnco 

Rurcnlo 

Roval Dylch 

Stom 

Unilever 

VMiOmmeren 

VNU 

Walters/ Kilmer 


42 4260 
82J3 83 

80.33 81.10 
48 46.70 
4680 46 

6 X 30 44 jJ 0 
8530 B5J0 
5B 51 JO 
51 52.50 
75.70 76J® 
12180 12280 
6080 6140 
raso ]24xo 


94 


94 


19080 19QJ0 
46.70 47 

200.10 20a70 
49.20 50-30 
17570 769 

io» m jo 


EOE index L40471 
Frevtoas : 406.7* 


Brussels 


AG Fin 
Arbed 
Barca 
BeKaert 
CodeerHi 

Cob*pa 

Oeihaiie 
Electrobei 
GIB 
GBL 
Gevaerl 
Krealelbank 
Pelradna 
Power fin 
Royal Beige 
5 DC Gen Banaue 


2600 2680 
4270 4250 
2285 2225 
23700 24300 
186 187 

6010 6140 
1374 1388 
6160 6170 
1570 1500 
4355 44-10 
9700 9630 
7090 7290 
10158 1W325 
3150 3160 
5400 5580 
8450 8560 


Soc Gen Btfflknw 7685 2700 


Safina 
Solvay 
Tractetiel 
UCB 

Union Minfere 


15000 15100 
14473 14750 
1®B®} 10150 
23075 73375 
2995 2615 

wx&'myir- 14 ”* 


Frankfurt 

AEG V69.90 167 

Allianz Hold 7554 2575 

Altana 61561950 

Asko 1070 IfiSO 

BASF 319 JO 32350 

Hover 379384SU 

Boy. Hypo bonk 46X5047Q-SQ 
Say VrrrJnsW 49] 50 49550 
BBC 705 701 

BHFBanV 44943639 

BMW B74 829 

Commerzbank 357joj5aso 
Contlnemel 791 JO 29SJ0 

Daimler Benz 86+8067350 
Degussa 52652850 

Dt Babcock 279 JO 279 

Deutsche Bonk 7955080050 
Douglas 57058450 

Drases-tftr Bank 402 406 

FeMmuehie 34634050 

F Krupp Hoesdl 20455120550 


Horpenw 

Henkel 

Hochtief 

Hoechsl 

Halzmann 

Horien 

1WKA 

Kali Sal; 

Kjjr^adl 
Koufhol 
KHD 


354 356 SO 
639 50 642 

1067 1083 
329.1033250 
9)0 728 

728 227 

393 39S 

148 150 

569 579 

492 510 

14014250 


KloecknerWerke 140 141 


Linde 
Lufihansa 
MAN 

Morales mann 

Mvlallaesetl 

Muench Rueck 

Porsche 

Preunag 

PWA 

RWE 

RhelnmetoP 

Sobering 

SEL 

Siemens 

Thvssen 

Vorto 

Veba 

VEW 

vtog 

VolkxwQaen 

Vteiia 


BTI 883 
20350 205 

4365043750 

41 9 JO 42580 

1965018850 
3205 2200 
816 B5B 
4655046550 
222 50 226 

44+5045)50 
321 325 

1049 1074 
40050 4Q0 

496 70S 

269.4027250 
360J0 366 
49049180 
38338450 
4415045050 
4975050480 
880 875 


Close Prev. 


Helsinki 


Hong Kong 

Bk East Asia 33.75 34 

Cathay Pacific TOO iijo 
Cham g Kano -W50 4J5T 
Chino Uahl Per 4050 41 

Dairy Farm Ini I 12 1150 
Hang Lung Dev 15.10 15.10 
Hang Sens Bank 52 54 

Header-son Land 43J5 4625 
HK Air Eng. 4350 4131 
HK Chino Gas 19A0 19J0 
HK Electric 22 22.10 

HKUmd 2X80 22J0 

HK Realty Trust 71.90 2250 
HSBC Holdings 8850 90 

HK Shong HI Is 1150 12 

HK Telecomm 73 1350 
HK Ferry 1080 11.10 

Hutch Whasruioa 3X50 3350 
Hvwn Dew 2540 2550 

Jardlne Math. 30 5350 
Jardlne Sir Hid 7720 26« 
Kowloon Motor 15.10 15J0 
Mandarin Orienr 10.90 10.80 
Miramar Hotel 2X10 2120 
New World Dev 77.90 29X0 
SHK Props 55 56 

Slelux 440 445 

Swire Pac a 55 555S 

Tai Cheung Prps 11.10 11.60 
TVE 350 350 

Wharf Hold 3075 3X25 

Wing On Co mil 1X30 1X10 
Wlnwrind. 1150 1150 

Hang Seng Index : 923X21 
Prey low : 7488.U 


Johannesburg 


AECl 
Alteth 
Anglo Amer 
Barlows 
Blyvoor 
Butfeis 
DeBoers 
Drletcnlcin 
Geneor 
GFSA 
Hartnonv 
Hignveid Sleel 
Kloof 

Ned bonk Grn 
Ronataniein 
Rusal at 
SA Brews 
Si Helena 

Sasoi 

Wdkom 
Western Deep 
Campaxire Index : 
Pmrlooj : 476745 


2050 2050 
93 75 

JOB 205 
29J5 29.25 
750 8 

48 48J25 
99 702 

5350 57 

9.15 940 
95 100 

2650 77 

2X50 24 

44 4750 
2650 2450 

45 4850 

8450 85 

81 82 
4550 47 

22 2X25 

46 47 

181 196 

470X49 


Kingfisher 
Lodbroke 
Land Sec 
La portc 
Lcrsfno 

Legal Gen Grp 
Lloyds Bank 
Marks Sp 
ME PC 
Naf I Power 
NotWest 
NlhWLi wafer 
Pearson 
p&o 

Pllkinolon 
PowerGen 
Prudenlkol 
Rank Oro 

Rod land 

Reed Inti 
Reuters 
RMC Group 
Rolfs Rover 
Rotnmn (unit I 
Rovai Seal 
RTZ 

Sotraburr 
Scot Newcas 
Scot Power 
Sears 

Severn Trent 

Shell 

SMw 

Smith Nephew 
Smith Kline B 
Smith iWH) 
Sun Alliance 
Tate & Lyle 
Tesco 
Thorn EMI 
Tomkins 
TSB Group 
Unilever 
uto Biscuits 
vodafone 
War Loan 
Wallcome 
Whllbread 
Williams Hdgs 
Willis Corroan 


558 

1.90 

628 

755 

1X3 

454 

550 

4.11 

448 

45B 

457 

5J4 

656 

6.78 

188 

5J2 

3X8 

192 

5X3 

BJ7 


555 

1-96 

640 

758 

1 X 4 

4.79 

549 

A 16 

458 

458 

458 

559 

6X1 

783 

18* 

586 

113 

198 

137 

148 


19.92 20X8 

9X7 940 


7 X 4 

195 

4.10 

1X1 

175 

5.18 
4 

1.18 
161 
655 
585 
1X9 
174 
5X0 
129 
4X5 
XT2 
10.40 

247 

X16 


174 
194 
4.14 
842 
180 
5X4 
4.04 
1.19 
5.70 
657 
5.95 
1J9 
380 
5X6 
3X2 
441 
114 
1052 
247 
2 J 0 
1118 10X1 
3X0 3X6 

5X0 5X3 

44X8 4353 


5.71 

113 

388 

2X6 


5.77 

5X3 

353 

7X4 


Previous : 313140 


Madrid 


BBV 3150 3185 

Bco Central Hlse. 2915 2925 

Banco Santander 6588 *570® 


London 


Abbey Nal l 
Allied Lyons 
Aria Wiggins 
Argyll Group 
Ass Bril Foods 
BAA 
BAe 

Bonk 5coHanc 
Barclays 


BA? 


BA) 

BET 
Blue circle 
BOC Graun 
Baals 
Bmvoter 

Brit Airwavs 
Brli Gas 
Brit steel 
Brti Telecom 
BT ft 

Cable wire 
CodburvSch 
Caraaon 
Coot* Viveiia 
Comm Union 
Courtauids 
ECC Group 
Enterprise OH 
Euralunnel 
FI sons 
Forte 

£ EC 
Gem Act 
Glaxo 
Grand Mel 
GRE 
Guinness 

GUS 

HPWPtl 

HWMOwn 
HSBC Hiags 
1C1 

inchcaae 


457 

5J0 

25 S 

2X1 

555 

10.05 

485 

1.99 

5X8 

5X3 

446 
1X6 
3X5 
757 
5.10 
J 42 
348 

4.12 
384 
1X7 
197 
3X7 
4.47 
444 
3-72 
2X6 
558 
5X3 
480 
4.01 
MS 
1X0 
ISO 
2.97 

6.12 
605 

447 
180 
456 
5.88 
Z47 
158 
740 
ll» 
413 


459 

5X5 

2.93 
249 
5 

1081 

4.99 

1.93 
5X4 
5X1 
443 
1X5 
3X0] 
7.19 
S19 
447 
156 

4.13 
106 
141 

482 
167 
443 
4J7 
381 
234 
5X7 
5X8 

483 
483 
125 
1X3 

154 

2.9a 

6X3 

6.13 
4X8 

155 
4.75 
679 
24? 

1 JO 
786 
813 
f IS 


Banes to 
CEPSA 
Dragados 
Endrso 
Ercros 
Iberdrola 1 
Repsal 
Tabacalera 
Teieionica 
^E-GeneraLU 

Previous : 


745 740 

2790 2825 
2285 2335 
7110 7220 
150 155 

793 989 

4265 4365 
3800 3890 
1665 1765 
: 329X8 


Milan 

Banco Comm 
Bos torn 

Benetton group 

Gao 

CIH 

Credilol 
Enlchem 
Ferlm 
Fortin RHP 
Flat SPA 
Finmeccanica 
Generali 
IFI 

llalcem 

llalaas 

I talmablllare 

MadkflKmca 

Manledisan 

Ollveftl 

Pirelli 

RA5 

Rina scent* 

Salpem 


5705 5690 
8475 84X5 
26500 26400 
NA NA 

2357 2321 

2465 2421 

2540 2555 

1843 1816 
831 820 

5340 5200 
2200 2160 
40950 39150 
20875 


21600 M 

13400 12910 

5525 5401 
40500 39300 
15950 15599 
1378 1329 
2570 2638 
4600 4600 
27150 25500 

11270 10900 

■ 3480 3358 


San Paolo Torino HBao loam 


SIP 
SME 
Snla 
StandO 
siet 

TaraAssI RIsp 
I ndex : ju. 


4612 4480 
3810 3781 

2130 2005 
39900 36000 
5500 5350 
78650 27800 




rev loos : tie* 


Montreal 


Alcan Aluminum 

31 

32 

Bank Montreal 

2656 


Bell Canada 

49*6 

50** 

Bombardier B 

21V; 


Comb lor 

2IPt 

apt. 

Cascades _ 

7 Au 

7 1 : 

Dam in km Te»f A 
Donohue A 

7’x 

27V: 


MCCMIllan Bl 

2t$« 


Natl Bk Canada 

9*e 

94* 

Power Coro 

21' 4 

a 

Quebec Tel 

22% 

22> 

Quebecer A 

Wte 

21 

Ouebecor B 

204/ 

21 

Tele* taoe 

22te 

2 3U 

Untea 

N.O. 


Vloeotron 

14V 

15 


: 1895X1 


dose Prw. 


Paris 


696 

837 


379 


Accor 705 

Air Liquid* 803 

Alcolel Abttwn 665 
Ana 1297 

BancalrelCie) 550 
BfC 1341 

BNP 

Bauvsues 
B5N-GD 
Carrefour 
CCF. 

Cerus 
Chargeurs 
aments Franc 
Club Med wjb 

Elf-Aaultalne 378 
Ett-Somfl 1002 

Euro Disney 32+5 
Gen. Eau« 2S9I 

Havas 44970 

1 metal 580 

Lafaroe Copaee 443J0 
Leorond SWfl 

Lvon. Eau* 5B0 

Oreo I fL - > »» 

L.VJW.H. 839 

Mams-Hachefte 129 
Michel In B 247 A0 
Moulinex 137 

Paribas *34X0 j 

Pechlnev InH 
Pamod-RIcord 
Peugeot 
Prlnlempa (Aul 
Radlotechninue 
Rh- Poulenc A 
Roil. St. Louis 
Redoule {Lai 
Saint Goba In 
S.E.B. 

Ste Generate 
Suez 

Thomson-CSF 
Total 
UAP. 

Valeo 

gratis? 


71 s 


Sao Paulo 


Banco da Brasil 
Banespa 
Bradesco 
Branma 
Poranapanema 

Petrobras 
Tetebras 
Vote Rio Dace 
Vorto 

Borneo Index : 14570 

Previous : 14467 


28 

12.10 

**3 

S 

40X0 

107 

150 


27-49 

11X0 

15.70 

213 

20 JD 

118 

37X0 

76 

1ST 


Singapore 

Cere bos 7X5 7X0 

City Dev. 

DBS 

Fraser Heave 
Genllno 
Golden Hope PI 

Haw Par 

Hume industries 
Incncape 
Keaeel 

KL KOPong 
Lum Chans 
Man^an Banka 


OUB 
OUE 

Sembawana 
Shangrllo 
Slme Darbv 
SIA 

Stoore Land 
S'oore Press 
Sing Steam shin 
Spare Telecomm 3X8 3X8 

Straits Trad big 3X6 3X8 

UOB 7.90 980 

UOL 1X6 1X5 

Straits Dmes hid, : 2128X9 
Previous : 2093-72 


6X0 6X5 
11X0 11X0 
17A0 16X0 
15X0 15X0 

2X3 2X4 

3X6 3X8 
4X8 488 

10.10 9.95 
270 2X7 
1X7 1X4 
6X0 8X0 
11X0 11X0 
7X0 7.10 
,6X5 6X0 
11X0 11X0 
5.05 5X5 
35SI 3UHS 
7X0 7X5 
5X0 5X0 

me i ms 
3X2 1X2 


Stockholm 


AGA 

Asea A 

Astro A 

Al ios Copco 

Electrolux B 

Ericsson 

E&selte-A 

Handelsbanken 

Investor B 

Norsk Hydro 

Procardia AF 

Sandvlk B 

SCA-A 

S*E Banken 

SkaiKllaF 

Skonska 

SKF 

Storn 

TreHoborg bf 
V oted 


So 


f l 57 

49| 

354 

342 345 

109 108 

ua hi 

. 172 
2236X0 
114 112 

113 113 

125 126 

.S3 5J_S§ 
150 150 

183 175 

388 395 

91 90 

614 619 


1 

Close 

Prev. 

Sydney 



9X9 

9X0 

ANZ 

4.90 

4.99 

BHP 

16.96 

17X2 


38(1 

3X1 

Bougainville 

0.90 

192 

Coles Mver 

JX5 

4X2 


5X2 

5 

CRA 

16X0 

17X4 

CSR 

■UW 

4X0 

Fosters Brow 

120 

1J0 

Goodman Field 

1.58 

1+3 

ICI Australia 

10X2 

10-56 

Magellan 

2.05 

110 

Ml M 

3.08 

3X9 

Nat Aunt Bank 

11X8 

11X2 

News Coro 

920 

92* 

Nine Network 

4.90 

4X4 

N Broken Hill 

3X0 

348 

Pac Dun km 

416 

5.10 

Pioneer InH 

3 

195 

Nmndv Poseidon 

2.15 

2.18 

OCT Resources 

1J0 

1X7 


3X3 

1*4 

TNT 

2X3 

2X6 

Western Mining 

7JI 

7JI 

Wes Ipoc Banking 

4J0 

4.78 

Woodslde 

195 

3X6 

Mir!au ^ :2m40 

I Tokyo 


Akai Electr 

4911 

495 

Asahi Chemical 

6/5 

6Vi 

Asahi Glass 

1150 

1160 

Bank of Tokyo 

1510 

■ T'l 

Bridgestone 

1530 

IE 1 

Oman 

1670 

1690 

Casio 

1300 

1320 

Dai Nippon Print 

1810 

■ ITI 

Dalwa House 

1560 


Dulwa SeaJrlUes 

1630 

1610 

Fanuc 

4200 

4186 

Full Bank 

2240 

2240 

Full Photo 


2300 

Fulilsu 

1020 

ion 

Hitachi 


950 

Hiracni Caow 

760 

762 

Honda 

1730 

7720 

Ito Vokodo 

M3U 

5560 

Itochu 

698 

681 

Japan Airlines 

645 

640 

Kallma 

910 

B98 

Kansat Power 

7hW 


Kawasaki Steel 

358 

358 

Kirin Brewer* 

1210 

1220 

Komatsu 

905 

902 

Kubota 

653 

£57 

Kvucera 

6480 

6520 

Matsu Elec Inds 

1/30 

1VTJ 

Matsu Elec Wks 


Inti 

Mitsubishi Bk 

2780 

2619 

Mitsubishi Kasei 

485 

482 

Mitsubishi Elec 

59* 

9*7 

Mitsubishi Hev 

6/4 

689 

Mitsubishi Cora 

1150 

1120 

Mitsui and Co 

759 

762 

MitsukosM 

916 

930 

Mitsumi 

2120 

2120 

NEC 



NGK insulators 

1030 

1030 

Nlkko Securities 

I 

■ KvI 



IE 1 

Nippon Oil 

70S 

706 


330 


Nippon Ywson 

571 

572 

Nissan 

839 

849 

Nomura Sec 


I-.'ll 

NTT 


Olvmnus Optical 

1030 

u:ii 




Ricoh 

838 

838 

Sanyo Elec 

486 

495 



1710 

Shlmazu 

693 

685 

Shine isu Chem 

2«0 


6050 

6130 

Sumitomo Bk 

2060 


Sumitomo Chem 

467 

471 

Suml Marine 

880 


Sumitomo Metal 

266 

271 

Talsel Como 

655 

665 

Taisho Marine 

780 

79* 

Takeda Chem 

1230 

1220 

TDK 

4370 

4390 

Teilln 

475 

477 




Tokyo Elec Pw 

3200 

3200 

Toppcei Prlnilnp 


1330 

Torov ind. 

659 

668 


762 


Toyaia 

1990 

2000 

Yamoichi Sec 

861 

871 

a: x m 



Nikkei 22S = 17340 
Previous : 19718 




Affaenvoerwcd : 1730 x 7 

Prertoos : 173+75 


Toronto 


AWtlU Price 
Agnlco Eagle 
Air Canada 
Alberta Energy 
Am Borne*. Res 
BCE 

Bk Nova Scotia 
BC Gas 
BCTetecom 
BF Realty Hds 
Bromaiea 
Brunswick 
CAE 
Comdev 

CfBC 


17', 

1769 

17 

17V» 

6’« 

7 

IB’s 

IF/ 

34i : 

356* 

49’B 

50** 

rr -2 

27*9 

15*/ 

15V 

24te 

24?e 

0X4 

OL04 

033 

029 

OTu 

9V 

7 

7 

400 

4X0 

32'/ 

32 *» 


Season Season 
H.gn low. 


Open Mwh i_zj. Close C7w OoJnl 


Canadian Pacific 2iss 


Can Tire A 
Cantor 
Cara 

CCL ind B 
CJrwahM 
Comlnco 
Comwest Exnl 
Denison Min B 
Dickenson Min a 
D otasco 
Dytex A 

Echo Bav Mines 
Eoullv Silver a 
FCA inti 
Fed Ind A 
Flelcher Chali A 
FPI 
Gentro 
GoldCorp 
Gulf Can Res 
Hees Inti 
Hemto GW Mines I3f* 


ll»o 

45>* 

4X5 

8*6 

4 '» 

20'b 

22*u 

an 

9 

22*6 

0X8 

17*5 

0.90 

3X5 

7 1 - 

20^6 

4.7B 

052 

12 Vj 

4.15 

146 i 


Halllnoer 
Horsham 
Hudson's Bav 
Imasco 
Inoo 

Interprov pine 
Jannock 
Labott 
LoWaw Co 
Mackenzie 
Magna rntl A 
Maple Leaf 
Maritime 
Mork Res 
MacLean Hunter 
Matson A 
Noma ind A 
Noronda Inc 
Noranda Forest 
Norcen Energy 
Nthem Telecom 
Novo Corp 
Oshavwa 
Pcuurln A 
Placer Dame 
Paco Petroleum 
PWA Carp 
Ravrock 
Renaissance 
Rogers B 
Rothmans 
Roval Bank Can 
Scentra Res 
Scott's Hasp 
Seagram 
Sears Can 
Shell Can 
She it iff Gordon 
SHL Svstemhse 
Southern 
Saar Aerospace 
S teico A 
Talisman Energ 
Teck B 

Thomson News 
Toronto Damn 
Tors tar B 
Transaila Uhl 
TronsCda Pine 
Trllon Flnl A 
Trlmae 
Trlzec A 
Unlcorp Energy 
TSE 380 hi 
Previous , 


ISVs 

ii’e 

29> 1 
38 
J3*. 
3H1 
194e 
2146 
24»fc 
KFe 
oS’V 
12'» 
24^6 
BU 
I6'6 
25VS 
in 
24*6 
13*6 
15'a 
39*6 
7^6 
2216 
3J0 
331* 
7VJ 
1.07 
19' i 
2 B*» 
2116 
84>j 
27 1 m 
1216 
B 

38 % 

ri 

38": 

12’T 

Vi 

»S 

1716 

av 

30't 

25V, 

17 »S 

2o;s 

2496 

14’. 

VPm 

4’» 

17V. 

0X0 

N.Q. 


22 

11*6 

4.45 
8*0 
4 'T 
20 Si 
22 *- 
0.10 
1 ’- 
23«t> 
0.92 
17*6 
0.73 
3k. 
71. 
20H 
4X5 
*52 
12*6 
4J20 
1416 

14 
15*. 
201b 
29' : 
38 l 6 
33*6 
31*6 
19^6 
21*6 

25 

1Hz 

68'5 

13 

25'- 

let! 
26’* 
6*6 
25 L. 
!3»» 
I5'7 
40*fc 
10 
3 Zts 
3X0 
3446 
7)v 
■ X6 
18 *. 
284* 
22 
84 
27*. 
1?H 
7*6 
37iy 
7flj 
38 vj 
12*6 
TV-j 
20 
17S6 
8D 
SH* 
24'i 
17S« 
216. 
24'. 

15 
17 

455 
171- 
9 8* 
1X5 


Low 

Oaen 

High 

Law 

Close 

Cho 

Op inf 

Htoh 

LOW Open 

Han Law 

Close 

ON Op.lr.i 


1715 

12.29 

>113 

121* 


37 194 

94JB0 

91. 180 Dec 95 91XJ0 

93.580 93X00 

93X00 

-40122X71 

*47 Oct W 

11.47 

II 71 

1165 

iixe 

•tux 

30.986 

9A230 

90.7$0Mar 96 914» 

*3«0 «3 400 

93 JOO 

—mii.isr 

f. I* Mar *5 

1135 

IU9 

1115 

11J6 

>003 

14,765 

Est, sates Ms. Tue's. sales 

331.97? 




Hit 

IIJJ 

11 V 

11 15 


1.919 

Tue's oo«i int 2X74.996 Pit 

494 







n-33 



BfOTISH POUND (CMER) 1 



1057 Oa *5 




njo 

0.63 

XU 

1X381 

1X000 Mar 94 


1 4646 

-23 


Grains 


Mcrd, 30 ! J2JJ 

I 115 ; 

li.JB 
11.43 
11 40 

Est. vms I0 6M Tin s sates 3S266 
Tue'scpenint I 1 S. 9 S 7 off 5831 


WHEAT ICBOTJ S 00 aBuren.n«ITV apr.b- Sv-iW 
1*2 3 30 r-lov 94 1 JO 133 J 3 J 9 'j 3 J 2 ’. 002 

396 JUI 91 138 L 79 ', J.J 7 G 128 ' 

3 X 2 S«o 9 J 3 X 0 '< 131 'i IX. 3 JO' j 

309 D 0 C 94 3 X 9 '. 129 ; 138 ' , 119 - 000 '. 

114 Mor «5 341 14 l»j )J 1 14 t 

95 U. 

124 


156 
3J7 
165 
3 56' 

315 H6)AWy9 
142'- 311 Jul 95 

Est soles 6.503 Tuc v sales *.163 
Tue'scpenkir 48^46 ott JO 
WHEAT (XBOT1 S gcoB.im.«rr n. o-^lw' 

3J9'i 2.98 May 94 133 136'. 3X3 134': 900 

15S 2.9* Jm ¥4 3 28 130 111’. J.3 — (LM 

355': 102' :5ea 94 129’, 3J2 179': 3J*':-0J» 

140 
)S3' 



COCOA 


tor' ten 





1306 

978 Ito. 94 

1154 

1199 

1140 

1146 

-9 

29.594 

17 . 3 ! 

1365 

999 Jul 94 

1183 

1189 

1170 

1176 

-9 

23 318 

22 Jt.ii 

137 * 

law Sep *4 

1205 

1211 

1195 

1201 

— 0 

9 . 91 ) 

3 . 7®3 

1309 

I 0 J 1 Det 94 

>747 

1246 

173 * 

1235 

— 11 

6 - 3*8 

4 XS 7 

1382 

107 * Mar 95 

17*5 

1780 

1267 

1268 

— 1 1 

9 X 0 * 

156 . 

1400 

1111 May 95 

1 597 

1 J 0 O 

l «0 

17*1 

— 1 1 

5.503 

1 

1-817 

1225 Jul 95 




1313 

—1 1 

7 XJ 4 

57 

1150 

12*5 Sen *5 

131 * 

1338 

in; 

1332 

—1 1 

681 


1427 

1338 Dec 95 

IJ 4 I 

1364 

IW 

1361 

-5 

2 U 5 


9.734 
11.371 
3X28 

112' .-Dec 94 137V, 138 1 36 334 -0 00': IX7« 
133 NiatS 3J*': IP'; 3 J7'r U*'.— 0X2 l j 313 


Esi soies 4,733 Tin's, sates 3.478 
Tin's Doen.nl 25.480 ott Mb 
CORN (CBOT1 J Wdlwni.wiwi.. 

3 14 '*. 2 X 8 ':Mav 94 2 .M 2 XJ J , 283 '., 2.84 - 0 X 1 109.747 

3 . 16 ': 241 Jul «4 2 A-"j 7 J 7 *s 3 X 4 '- 287 - 0 X 1 119.266 

29 J'i 240 ', 5 eF 94 9.73 173 ', 372 ': 2 . 73 ’ i - 0 X 0 ' : 26 J 7 S 

2 - 7 ) 1 . ?. 36 'iDecf! 7 . 60 ‘j 2 .S 9 'n 269 — 000 ': 43 . 99 j 


Ed sales 9 jjj Tue's saws 8 J 7 J 
, lues open ju 87.715 OR 802 
' ORANGE JUICE INCTN) luuinv-cwpr. 
' 13500 89 00 May 94 110 25 11049 1 »JS 

135.00 10150 Jul 94 11130 11155 112 X 0 

134 50 10556 Sep 94 1 15.90 116 X 0 1 14 X 0 

134 00 IDBXQNov 93 

132X0 IQ35Cjan95 II5.M 11150 H545 
174.25 IQ600Mar95 
Esl. sows NA Tins sues UM 
T lie's open in» 19 550 


179 H 

2 X 3 ' : Mar 95 5 X 6 '. 

2 X 7 ' . 

l«’. 

3 56 '/ 

-0 00 '. 

4 X 91 

HI GRADE COPS^t (NCftAX) 




2 B 7 

ieS^iMcry 95 1 * 0 '.- 

i 70 ‘/ 

170 

1*0 

- 0 . 00 ' .- 

365 

107 50 

7 * 00 Mar 74 

saw 

B 8.90 

0 *.» 

8 *X 5 

— 2 X 5 


2 . 03 '. 

7 . 70 >i Jul *S i.1 2 *. 

272 ' r 

271 '. 



1.242 

*125 

* 4 X 0 APT 94 

BflXQ 

86 X 0 

8610 

SaJS 

-2 90 

1 . 10 ? 

2 X 6 '.; 

2 X 0 ': Dec 95 2 X 0 ' J 

251 

250 '/ 

2 X 1 


*58 

102-70 

* 3.60 Mav 94 8 B.» 

B 8 70 

8620 

86 45 


EU vXes 32 X 00 Tue v sates 75 *w 




9170 

74.10 Jun 94 

87.80 

07 X 0 

0*80 

0655 



Tue's ooen ini 376.(09 Oh 203 





102.95 

7430 Jul 94 

B 8 » 

0090 

86 50 

86 J 0 


SOYBEANS ICBOT) simbu 




10130 

*4 90 Sea 74 

8840 

8840 

6440 

8605 



7 X 1 

5 . 92 '-iMav 9 J 6 X 7 '. 

6*0 

686 '/ 

609 ' 

0 ® / 

56 147 

101.90 

* 5.75 Dec 94 

88 X 0 

88.50 

0695 

07 X 5 



7 X 0 

5 94 1 ; Jul 94 6 91 ', 

6 91 1 , 

6 . 88 ’: 

+ 91 ', 

am 1 * 

SI SA) 

90 XG 

7 AM) Jan 95 

«6 0 

B 9 60 

00 40 

07.20 

— 2.20 


7 J 5 

428 AUD*l AM'; 

AM*-/ 

6 X 2 

4 X 4 '/ 

OHO', 

8 . 3 X 7 

97 . 0 C 

7100 Feb 95 




07 J 5 

-215 


689 '- 

617 5 eo 94 663 ': 

6+1 

661 ': 

4 63 1 

-aoi 

4.776 

9 I.JC 

7 * 85 MOV 95 87 00 

69 X 0 

88 X 0 

87 X 5 

-1 85 


75Pr 

f 55 'it*iv 94 6 50 ' . 

650 '; 

4 J* 

AX*' j 

— (LOT, 

32.872 

91.70 

* 8 X 8 Jul 95 

89 X 0 

69 X 0 

68 -H 

0835 

- 1 X 5 

4 J 6 

6 70 

AI 8 '.Jan«S 6 XS 1 : 

* 55 ' 1 

653 

6 X 5' 1 

- 001 ’/ 

2.784 

9 IJ 5 

7 SJ 0 Aug 95 

87 X 0 

87 ® 

8 *.M 

06 ® 


471 

6 13 't 

642 Mar 95 660 '; 

* 60 '. 

458 

6 « 0 'i 

—002 

601 

91 35 

79.10 Sep 95 

8900 

8 *M 

88 ac 

08 X 5 



4.70 

6 X 3 Mo / 95 



6 60 '.:-OX 1 :z 


90 15 

753 DQCI *5 







675 

64 ?' .-Jul 95 6 62 

**2 

A 60 '. 

660 ': 

— 0.02 

3*0 

88 JO 

77^5 Now 95 




069 $ 


1*2 

6 X 0 '-j 

SXl^NuvYS ill 

619 

4 16 ': 

6 1 C : 

-am 

1.136 

9175 

88 J 0 Dec 9 S 

89 .® 

0950 

69 ® 

99.20 



Bit sales 76.000 Tub's, sales IS. KM 





Jan 96 




09 X 0 



Tub's open ir# 153.792 oH 1044 





Esi. sates 

MX® Tue's sate- 

15.565 




SOYBEAN MEAL I COOT) icbWn-tUSotn*, »n 




otf ipa 





237 J» 

185 X 0 Mav »4 I 96 J» 

194.10 

195 30 

»i*H 

-0 J 0 25.552 

SILVER 

INCMXJ iUBOiiu 





TJOSO 

190 .MJU 1 U 19610 

196 52 

l '»5 SO 

1*671 

—020 

25 .MS 

579 0 

346 0 Mnr *4 

MIX 

531 0 

561.0 

586 3 




1 & 9 NAU 9 94 19 S.CO 


194 2 J 

I 94 XC 

-060 

6.955 

5710 

5180 ADT 9 J 




562 X 



J 1000 

188.70 5 en *4 19140 


197.90 

1 93 . 1 C 

-0 40 

5,773 


1 * 1.0 Mav U 

563 5 

56*0 



— 1 ,T 


20600 

IS 7 .fi/Oct 94 1 * 1 X 5 


HI 16 

It 1 x 0 

-ua 

un 


3/tMJulf4 

5 S 70 

5710 




209.00 

4. 60 Dec 94 190*0 

1 W .90 

190 X 0 

190 X 0 

—430 

9.223 

588 0 

BAX Sep 74 

572.0 

57 AO 

540.5 

570.5 



20000 

186.50 JOT 95 19100 

191 X 0 

190 X 0 

190 X 0 


910 

WO 

3 S 0 XDK 94 

MID 

5825 

5750 

579 1 


194 00 

10 * 00 Mot 95 



I 9 L 5 B 

C 33 

*6 

5640 

401 X Jon % 




5809 



193 X 0 

tBEHUiaves 



19700 

-OJO 

44 

6065 

*180 May 95 

5*20 

mx) 


591 J 


1 961 

Esi soles 8.500 Tue's. sates 

*.053 





6030 

470.0 Jul 95 

597 0 

5*70 

S«o 

S 97 C 

— l b 

rue's open inr 77.779 off U 12 






4*3 05 n >95 





1 A 


SOYBEAN OiL (CBOT) w i« »■- i^iy. 



624 X 

539 XI Dec 95 

61 1 Q 

6150 

4 Q 9 X 


1 Jk 

1.391 

30 X 5 

21 J 0 MOV 94 za ’4 


28.71 

2 *X 5 

CJ 7 3 I. 1 +I 


Jwi 96 




6135 

— i 6 


ip 

107.40 

112.45 

114 X 5 

11250 

II 3 XU 

11600 


—I IS 8X21 
-085 S.7M 
-145 2,180 
— 1 x 5 1.157 
—I 74 7.102 
-490 330 


Metals 


Season Season 


15150 I 4474 Jun 94 1 4796 IXD0 1.4*02 I J T 58 -IS 30 58* 

\jna i.Luastow 14490 1.4750 1 u7ia -it «? 

I49J0 I45BOOC94 1.4670 1.1680 1 4450 I 6690 -15 30 

Ell. sales NA Tut':, so to 73545 
Tws open ini 31.381 up 3153 

CANADIAN DOLLAR (CMERJ Siw <*■- 1 Bwnnvi^svvoci 
0X712 0.*l*5Mar94 0.7150 aH50 0*138 0 7143 -76 3J 

07805 0-7236 Jun 94 0X240 0*2«t 0 7217 0.72)0 —15 77 19.1 

OJm B 770* 5ep 94 07200 0 7300 0*182 B719J -34 1X9? 

0 5470 0.*I88 D« 91 0 7177 0 71** 0 71* 07167 —26 

0X572 0.71 55 Jun 95 0.7115 IL71M a7H5 0.7116 -73 38 

ESI CONS NA Tin's. SONS 4.051 
Tin's open nit 44.543 ah '699 

GERMAN MARK (CMER) sue: irar> - 1 poHiieguox* uJnii 
0*305 0 JA 47 MVM 9 . 9*24 9 6'0 

0 X 133 (L 5607 Jun 94 0 5946 0 SW 0 X 925 0.5948 9 n iJ 2 s 

0 X 065 9 X 600 3 ep 94 0 X 938 0 X 938 0.591 1 0 3930 9 2 583 

0 X 951 0.5590 Dec 94 0 X 9 TI * Hi 

Est. vXes NA Tue's soles 45.395 
Tues open inf 1 QJX 34 ott 1973 
JAPANESE YEN 1 CMER) '■ v.mpqjai< v'litol 


5X099491 M88*IJun94 0 00968400097950.0096000.007*53 
0 00V900DX08942S4C 94 0 00»*4uaM»B20OX(»74l» 009611 

0 . 0096 ? 50 . 009525 Dec 94 000 * 8301 0099 SW 00 «ai* 0 LMW 77 

EP. sales NA TIN'S, sates 24.7B6 
Tue's 0W Ini 53.2X7 up J06J 
SWISS FRANC (CMER | sor. Vi^s.. icymrauaK suuOQi 
0T032 54590 Jun W 07X20 0*063 0 70* Q7C4J 

OJ086 OXeOOSvPM 0.7051 0.7071 fl.JOIS ira* 


07105 0.695a Dec 94 

Est sons na Tue s soles w.641 
Tue'sopenint MX70 otr 532 


0.7049 


74 M.W 
7j jor 

*4 471 


■ 3 ’ 15 .T* 
r 27J 
J 7 « 


Industrials 


29 J0 21 55 JU 94 28.73 28.97 7344 7(95 022 29 5*8 

7920 2 1.45 Aug 94 2B.30 2X53 3835 28 51 0.17 9J4) 

2840 22.40 Sea *4 2780 2798 2770 7*46 0 08 1.543 

77JO 22 10 Oct *4 27XS 7713 34.95 27.1? 0X3 *049 

27X5 0.90 Dec 94 26.50 24.53 26X7 34X1 -0 02 13 220 

26X5 72 65 Jan *5 26.70 74 X 3430 2t30 -XC3 1X84 

26X5 25 SO MOr *5 2X10 26.1$ J* 10 26 15 -0X5 137 

26 60 25. 20 MOV 95 76 00 -005 II 

26 40 76J0JU9S 75.90 -OX5 I 

EM soles 12.000 Tin's, sues 10.687 
Tin's oaen Ini UB.969 ott 1189 


EM. sales 23 X 00 Tue s sues 
Tin's open ini 114.902 Mi 2140 
PLATINUM INMERI 50 v.» ntu* p^i-a.c- 


Livestock 


Zurich 


Adio mil b 
A lusuisse B new «4 4*0 

BBC Brum Bav B 1188 11 B 6 

_ ?10 jjjj 

630 437 

3710 3065 
1365 1368 
3500 3450 
850 860 

950 940 

430 430 

1201 iris 
153 155 

1590 1600 

?a» Toon 

131 128 

3SS5 3** 

7750 7750 
1005 9«>9 

2150 2170 
409 413 

591 601 

770 770 

1197 1209 
730 730 

NA 1150 


CATTLE (CMER) 4 B 000 *>s - --.ems m a. 


Cl be GehlV B 
CS Holdings B 
Eieklrow B 
Fischer B 
intereiscaunt B 
Jelmoli b 
L andis Gvr R 
Moevenpid' B 
Nestle P 

Oerllk. BuehrleR 
Poroesa Hid B 
Roche Hdg PC 
Satra Republic 
Sandaz B 
Schindler B 
Sulier PC 
Surveillance B 
Swiss Bnk Corp B 
Swiss Relnsur R 
Swissair R 
UBS B 

Winterthur B 
Zurich Ass B 


02.75 

*330 Apr 94 

76J* 

*647 

*6 10 

7640 

-0 IS 

28.1*9 



*140 

74 05 

*155 

71*7 

■0X5 

25 574 

np 


*2 JO 

72 45 


7X30 

—(Li a 

13X1 1 

74 0* 

*1X700*4 

.73.45 

*367 

73 42 

*155 

-OX5 

10.191 

74J0 

77 15 DSC 9* 

7105 

7190 

*167 

*180 

-ais 

2*87 

TA2S 


7X47 

7X62 


7160 

-0 12 

1.248 

75 10 

’3 20 Apr 95 

*4 40 

74® 

*4.40 

*4 60 

-fl.1* 

128 


10.747 Tue 6 sates 143*9 





ad *»S 





FBEOER CATTLE (CMER) 

VLOrDtr, - 




05 -JS 

79X2 Mew M 

01.55 

01.70 

01 5b 

81 67 

a 12 

1.4JB 


*930 Apr 94 

80 75 

®«* 


80*5 

-00* 


04.40 

78*0 MDVW 

80X5 

00.75 

0030 

00.67 

-a 10 

3530 

aam 

79.55 Aug 94 

81 JO 

81X0 

01 10 

6IJ7 

—0 05 

2.839 

81. w 


SO. 65 

BO 95 

»** 

90*5 

-005 

486 



3040 

80 ’5 


Men 




*7 4 5 NOV 94 




si ia 

-O 10 


00.90 

nsojaiN 




80.40 

-0 12 

22 


906 Tue'u 

sa+s 915 





Tueiooeulnl I2J46 

UP r t 






HOGS (CMER) zoouusT. .— 

-•re- b 





SI 92 

39 5* apt 94 

4637 


44 0* 

4625 

— C 35 

5.8 15 

SA27 

45.77 API 94 

Q® 

5105 

5740 

52.50 

-0.62 

4 348 



4275 



WOO 





W )0 

sais 


49 9* 

— UTS 


49.75 

41 60 Oct 94 

44 00 

4610 

45AS 

46® 

— 0 10 


50X0 

45-30 Dec 94 




44 F 

— n IE 




J* 8J 



44® 



40M 

® 90 Apr 95 

aitii 

*1*5 

44.70 

JATQ 

-020 

114 






4865 

-0® 

29 


10 61* Tuev sale' 

6590 





Tue’s oecn ini 11X50 

ua 199 





PORK BELLIES ICMERI J»m»r. 

FWK5. nv 

r> 







55X5 

56 45 

0® 

4X50 



5640 

54-te 

55 9U 

56 *5 

CM 

171* 



54® 

54® 


UU 


MM 



F ra 

S*J0 

54 *5 

St 75 

—0 55 

to* 






56*7 

-0 70 

ii 

61 W 

59 9a«iov«s 




5*+' 

—020 

8 


428X0 

U5XOAPr94 

410X0 

414 50 

408® 

411X0 

428X0 

357.00 Jul 94 

413® 

418® 



418X0 

maaocif4 

417.00 

41X00 

415.® 

415,70 


374® Jan *5 


419 H 



421 » 

J9QXQA«»i 

41800 

418® 

418® 

418® 

Es* sates 5.283 Tue's Sates 

4X27 



Tue s open W 2L073 

up 2* 




GOLD 



4UL50 

335.10 Apr W 

386X0 

38*50 

385 30 

386 10 

192X0 

378X0 Mav* 





41 s 20 

339® Jun 94 

389 XC 




415® 

341X0 Aun 94 

3*1.® 




41700 

344 WOO 9 J 


3<4.ID 



426X0 

W3JMDW 94 

394 5C 

190JO 

39*60 


41 1X0 

363X0 Fet) 95 





41*00 

3*4 50 Apr 95 




402 70 

428X0 

341 JO Jun 95 

40650 

40650 

406.® 

40590 

412X0 

380X0 Aug 95 





413® 

410.20 Oct 95 





429 JU 

402 OO Dec 95 




41XXC 


EsI sales S'.DOO Tin's sales u.9M 
TuesoevnM 147 X 41 QH 7*80 


7 40 2.260 
3.10 18.786 
310 1.1C0 

i 10 59.’ 

HO 674 


■ 0 10 21 771 
C II 

0.10 74X69 
0 10 11X74 
0 ID 4.772 
0.10 14X81 
■0.10 3X13 
010 4.JIJ 
■0 10 5.019 
0.10 45* 

0 10 625 

0 20 4 288 


9607 ocl M in 
-001 7 6&7 
9531 0X1 2.904 

91W — 0 03 J3 


>73.5ii 

485 


For inve5tmenf 
information 

Read 

the MONEY REPORT 
every Saturday 
in the IHT 


Esi sates 2 3*9 Tue ■- sue. 2463 
Tin's open ini 9 107 up 35 


Financial 

US T. BILLS (CMER) Uiwm-hiuiuki 
9674 95.99 Jun 94 96 X 6 96 09 9 tX 5 

96 -ffi 94 X 4 Sep 94 9567 95 x 9 9 J .66 

9610 95 J 1 Dec 94 9 SM 95 31 9 $ 30 

9504 95 X 6 MOr 95 

Esi. soles N 6 . Tin's Vjles 2.524 
Tin's ppon «I 48 .H 9 up J 30 
SYR. TREASURY ICSOTI uw gyie«- i«s isu.m n» w 
112-05 10+19 Jun 94 104- 71 5 106-285 ICe- 145 10 + 145 - Qfl 
II+ 195 IM -26 Sen 9 J 10+295 106-00 10 + 705105 - 305 — 08 
Est sates 45.500 Tue's sates it 551 
Tin's open ml If 1.118 Off 1065 

18 YR. TREASURY <08013 u>aui> r -u-.&I.Md * 'u, ,.. 
IIS-31 ID+il Jun «4 106-73 10." -02 106-09 106-ID— I* 

IIJ-OI 10+74 5«i 94 105-25 IM-tn 10+tl 10+*.’— I' 

114.J1104-31 Dec 94 104-7J 104-24 104-14 101- M - 19 
1 11-0* 10+10 Mar 95 103-77 Sj 

10+22 103-72 Jun 95 103-00 - 

Esi. sales 100.000 Tue's sales 64 880 
Tin s wn un 371.249 up 1167 
US TREASURY BONOS 1CBOT1 ..m-.iou do w. >. j... 
r |9.|9 9I-P6 Jun 94 106-77 ICI-Oo 106-07 166-08 - 

11+24 90-12 5ea<4 10+79 IU6-D9 ioj-ij 10+17 - 

llB-a 91-19 CVeWlO+IJ ii»- 2* luI-74 nu-25 - 


COTTON 2 INCTN) UflKg.-urispr b 
79 80 57 4*Mov9J *6X5 70 JO * 4 US 

5&3GJUI9J 77.70 


U.I5 

16 X 5 

74.00 
74 60 
*5.00 

76.00 


70 X 8 


7805 
77 70 *8 73 


59.5 1 00 94 74 J 0 *895 *4 30 * 4 X 7 
59 48 Dec 94 - 71 .90 7260 *1 9 Q 7143 


67 . 50 1 . lor 95 *100 73 50 * 1 X 0 73 JO 

64 00 Mav 95 71 B 74.00 73 J 0 7395 

7850 Jul 9 $ 7435 *435 74 J 5 7249 

ESI. sales TLA TiN'i. soles 6.948 
Tue'S Open Hit S 4.656 up 49471 
HEATING OIL (NMERI euiia • fiffifciwf got 
57 X 0 41 08 Mav 94 42 X 0 47.60 41 6 5 4255 

41 IH Jun 22 42.10 42.45 41.60 4218 

41.70 Jui 94 42.60 J 29 ti 42 20 42.88 

42 70 Aug 94 43 JJ 43 .T 43 X 5 43 x 3 

43 BO 3 «* 94 44 JS 44 65 44 10 44*3 

44 90 Oct 94 45 . JC 45.65 45.25 45 . *3 

48 X 0 Nov 94 J 4 JQ 46 75 46.25 4868 

4880 D« 9 J 47.35 4**0 4*15 47 43 

43 . 2541*195 48 » 48.50 47.95 48.14 

•J'JSFrtOS 4 BJ 5 4875 48 1 $ 4 S. 2 J 

47 . 00 ^ 4 *- 95 47 M 47 90 47 X 0 47 38 

* 3 X 5 Apr 75 44 U 4 $ 23 43. *0 45 64 

4 . .OBP.lav 95 47 X 0 47 X 0 4750 .urpp 

46 . Mj.jn 95 

J* BS Jul *5 

47 . *0 Aug 95 

■UXSSep 95 .. „ 

46 . CO Apr 9 $ J* 10 3*60 47 10 46 U 

Est wan 44 . rsa T'jc-s.«*es 37.229 
Tin s open ml 192.817 ah 22 I 6 
LIGHT SWEET CRUDE INMER) . 

■ 13.90 Mov 04 14 40 14 44 

ILK Jun 94 144 $ list 

14.15 Jui 94 14 X 1 


58 X 0 
57 X 0 
5560 
571 * 
57 JO 
SSJM 
59 00 
6225 
58*5 
57 SO 
55 . 0 J 
51.50 
$ 1 X 0 
50.26 
49 JC 
49 GO 
47 IJ 


o» 2 ixr 

0 80 15X45 
0 JS 74+1 
■ 46J 14*1? 
0X2 7J6 

O.bO 734 
a. t 4 


0 48 S*X 75 
-0 47 40 X 09 
0 X 8 21 Xfc 
028 1 P-J 3 J 
0 48 8 560 
148 4 . 59 S 
848 4 . 9*5 
0.43 10 X 6 * 
0.48 4 563 
0 X 8 7*45 


r 144 


20 X 0 
210 $ 
70*8 
20*6 
70*8 
20 J 3 
7049 
20 00 
'*38 
19-60 
20 66 
19 X 8 
1933 
MX 
l *.*3 
1090 
19 84 
19.17 
2080 
1*.32 


45 .TO 
46 13 
46 88 
4 *B 3 


ISV. M . UQllrp . CV 

14 JH 14 X 0 
14.24 IJJo 


. ... 14.63 14.39 14.62 

M.3SXug94 146* 14 B0 14.58 14 77 

1431 Sep 94 14 84 14 95 14.75 14 97 

IA650CI94 14.95 150* 1190 I5X* 

14X27*9991 IS 10 151* 15.10 Tf 22 

'‘♦jCtecOl 15.20 1$40 15,21 1517 

■5l5Jon4S 1134 1543 1538 liSI 

]$2Fob95 1158 15.56 1143 15x5 

542 Vat 95 1x65 1167 15X5 !5.7fl 

J|SiP r ' ,5W 1541 '5+1 15.90 

J$X9 May 95 H m 

I xp jun 95 1607 1607 160* MU 

160} Jul 95 
16.16 Aug 9$ 

16X8 Sec 95 1640 'A 48 1648 


048 
0 44 
1)46 
■0 48 
04 ? 
0.48 
048 
940 


0 0 »I« 975 
B. 07 . 77 084 
MT J6XU 

007 M»S4 

Ml 2IA*7 
OX* 1 1 9*7 
■iU7 9X58 
0 07 71 180 
OX* 9 036 
OX' »i 3 J 
M’ 6.997 
007 4 * 7 * 
0 0 * 






Food 

COFFEE C (NCSEI 1 





BUS 


07.50 

*490 Jul *4 

62xd 

8315 

8850 

68.50 Se& 94 

KTIti 

64 35 



RV-in 

&5 5C 

mo 

*$ KIMurvS 

«6IH 

3A® 

88 60 

83 5CJMIOV95 

U.5U 

8650 

09X0 

05 OB JW 95 



Esi wn 

7.610 Tite 




Tup's 00 m ml 58 X 01 up 3*5 

SUGAR-WORLD 11 (NCSEI hjjm'k 
1 24 ’ »WMa >94 ’l» » 19 b 


60 X 5 

81 IS 

-OXS 

11 X 61 

02.10 

82 70 

— 0.05 

14 X 61 

83 X 0 

84 ® 


0 JiB 

84 ’5 

8520 

0 T 5 

1 X 51 

56 ® 

86 ® 


l. 4«4 

B 6 W 

Bl 10 

■ DIU 

no 


08 10 

BOS 

'« 

_, r 

IF-* 111 



■ 188 

I' 9 S 

0 1 ) 

53.274 


11+20 107-08 Mee »5 104 - 44 - 21 

M +19 9+15 Jun 95 103-'6 - 21 

H 7 -I 5 10+79 Sen 9 $ 102-31 - i« 

111-14 103-23 Doc 95 102-16 1 ’ 

114-06 99-04 .Uar 96 I 02 -U 3 - 

Esi. sacs 5 iC.AU Tucs. sate-, 458 x 91 

Tin sown h 441 44] up 4*93 
IMJHtaPAL BONDS ICSOTI 1 iw ms.r 

IDJ -07 95 - 1 « Jun 94 92-72 97-24 91-17 91 -IB - 1 04 

9+17 91-26 ieiiji 91 -M 9 |.» ».JJ *-74 - 1 03 

Esi w*es 6.SU Tin's, ide-i 8 238 
TuCiwenmr 39 03 * ua itl 
EURODOLLARS (CMER) 4i THWii it m ift rm 
91890 90405 Jun 94 +5630 **$«0 95.610 

95 X 70 « 0 J 6 OSuaM « fTO 9 $ 20 d 95 .ISD 9 $.f 6 d 

95180 90 710 Doc 94 94 X 08 94.770 9 JXX 0 94 . 6 T. 

9 $ 5 A'i 90 740 Mte 9 $ 94 430 U 4*0 91 JOO 94 419 

9 J* 3 u, 90 * 10 Jun 95 94 1 * « 160 W 090 94 09 T 

USTH 91 3 t 0 Seu«$ 93 , 0 X) 93.300 91 . 0 * 43.016 


M* *82 
3 57 * 
689 


1711701 
J 5 a?* 
Jf 1*5 
I l*B 


J 6 . 4 ? Oa 95 

16 JO Dec 9 $ 

I* 90 Mar 96 
ESI sates 89,044 Tue s ides 93 m 
Tin's onen mi 409.735 up 449; 

l&M«L« | e..l»!MER)_ o mi w . 

el 30 
63.00 
6030 
90X0 
54 X 0 
46.15 
48 00 

EUl- 

Tue s open ml 124X01 of* 109 


16 11 
16 79 
loJI 
I 6 A 3 
16 54 
I* >5 


OX" 16 756 
Ills’ 7 144 
027 i liJ 
0 .CC 6 90 S 
•IX 66 
0X7 10.954 
00 * 


45 30 

44 35 




1465 





453J 


•0X1 78.5-U 





9X9; 

4i*5 

45.20 



8643 

45 30 

44 91 



iW 

44 DC 

0.90 


0 47 

1.90.’ 


13 JU 

13X0 

or 

JW 


Stock Indexes 

S&PCOMP. INDEX 1 CMER 1 

- JUn7J 451 -ri «160 44} 60 44605 

SS 44*S 447*0 

| 5 « «««" 

?f;SS Ju,1w 25100 *5140 Ml ‘75 216 95 

JlriSrEE.^ -53*10 252.0C 24785 W.’O 

/+* 25155 »'6S 750 00 748 45 

E.’ .sute, N L*Tw? i sates 4731 
Tue-.>3iMtml 3 9J0 go tg- 


— S 60 IMJU 3 
— 6.08 5 X 3 * 
— AW «49‘ 


- 1 AI 3 BM 

-140 2 ’ 

• 1*0 


497.519 
— ' 0345.920 
-r;»l. 68 D 

—7074? 044 

- 20195*31 

-ui+xns 


Commodity Indexes 

b,^., Close Prevtoui 

1 ^ 17^0 1521.70 

l^JLflO 1 « 8.10 

DJ. Futures n 4 liioi 

Com. Research 22 a« 2 .W.’ 






«JSki 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, MARCH 31, 1994 


■ '^"7“ .) I - Cclln.Jci F ASVI _5 

™ ABC £&£?*■- <-■<■- Js *?r i » C MMr F Audr ^: ~,AS 

mABT un0 ( EC)3 Ef. “ r.5p«iiUi^_P» 

ABNAMB&! n F H— » hv}t r' J 0, ‘ df ' F -US Kcowi Cores 

w CoiumhiS ££!**' p ° B w 1& Amneranm ri™? 1 *" ,e <>*»*»• — -S 

Z t"“T* 10 SWurflles FI mSW 7“7, CAMPBELL f BERMUDA) LTt 

W Tram p a,<W ' F «bM Fl FI £ J r^HSH I IS F»)_S 

1 [*3 E Ur OOP Fifnri P ri J7 CANADIAN 1IIT EDmatiaiIa. 


ADVERTISEMENT' 


INTERKATIONAL FUNDS 


March 30, 1994 


^ h -<! 

Bv «..s b 

•;• X : 




■'■ '.I. j 


i' 


FF 1/787989 
FF 151728861 


CAMPBELL IBERMUDA) LTD 

:asl=3sc=? is sffiJaarfflafsu^'" 
HS*r^r«T-ta !sa#asssfcs 

SSSsmsicj »* saa n ■ 

Ir A r Fun «> Plr - c T „ iETSt * > ^ra Atarken Fd C» 

*A GEuroSmuKeo FdTpkTs f. E " B ?“ n F«* Cl 

v A P ^- urnp e w Plt J x’4J2 immVS? t 2S r “"W « c» 1 

*~;G Japan Fund J "jJN CAPITAL INTERNATIONAL 

* Sir i£ ,lh Fd Plci jivi- * Conllol Inl'i Fund J 12 

w Mllicurrenev Bd Fd Pic? ? j.awiai iiaiin sa _• 4 

gaye.^’gt, ss swhsb=l_w ™ 

JBSBSBBr.'SH- „/« c"S£S{a!Sr l ar- fF ,ira 

iffiyaftEasG? is ^tse&mva 

ALFRED BEKS ‘2*«« FOB 13/3 Lu> cmbumi Tel 477*5 71 

2 Bern Harden A ...... CRhiveir ClotoM Bond i ID 

ANnrd Bera Si coy '*r J 7 d Cllinvesl FOP usn * 134 

gP yE oa s rf Cilinrest FGP ECU Ecu 129 

oGWmony ?,«, ; 5 JJ: a Lilifn.nl Selector S f53 

a GKOo l ; P M *«*> a CillwrrencJesUSD _« Id 

d Jnpan * 1**28 tf CIHcunciicItt DEM JW 14 

i Jj£iI«ionas__ZI__ _r "Kfft a Ciijcunwcns GBP — t it 

a worth Arerico . IBJI fl Ollcmwtoicv ren „ v 1236 

a Swihefiond — } r '§■“ a Cilisori ha Eouttr ,1 a 

a.UjK ~ _ , , !-*5 a Kilipoil Ctml Ewo F<ju1W_Ecu IB 

A'J’HAFUMDMAHABHMEiiT LTD tf C'ljoo.l UK Equllo £ |« 

48 Por-Lo-Vllle RcLHomllRm d CiHfw I French Faulty FF 141 

* AtetaAste Hedge IMorMij SWI U'i« Cjliwrl Germot Eoullir Du * 

rwAMm EuropeFd IFrtMl if.. If,™ a cmporl JODgnFqWI, v 4fl> 

m Alpha Futures FdlFetafari ifcJJ d Cillporl iai-ec s n 

"lAIPIuGHll Pro Trod Febas ‘2,7^ o Cjllporj Ecnnec S 17 

tn Alpha Global Fd (Febai * ,„?* •> Clfoorl U.a S Bond S 16 

mAPho Hedge Fd I Fra Ml 5 5!Sm 'i f, ,,lOOT 1 Eun > Bono Ecu IS 

SttfiBaSK® Cl JWAMKWAlStt SjC - 

mAWjdPajHicFdlFeb^J ^ .C.h JSC0P &1 d «*> 

niAJpho ^rt~Fd'i>gb ?ni e jJSJEedih.: % ttiji 

mAtoboShi T FI, incif^htti* « US s Mane. Martel S IMI 

mAlphoTllldaklFd^FehJUj »r U S S Ben ds S IM3 

itHm f I sftKsa^ 18 

■sss I : 

sSii^ir 3 1 ,S ^ E ffiSHr 1 

“BHllr “ * 

wArmlASJSI/FW? U,m ‘ Fd - a OR HIDE nS 

n ArraJ a irtfe-.s USA-SAPSW 1 « 

BAIL 12 ew^e 771 U i , . n ^> *5 Jopon. r 17» 

YfMwmft. 7WB1 Pom d Inde^is Ci btmjFT'.f r r 

risrw^ F ^ i 

HSWfcs^ * Psfczi. a 

S t — ~ r JJ ssstes;=±? ^ 

^ a cSTi Tr r w ESP.“~pfa 2tS 

88 &SSS— ■ ‘ f ™ ^ Twn ‘ cEcu — Ecu w 

H scfaFi sasKiffassarf 1 ' 3 

SSsS®==tf sffiKassafc^u is 

sfi?S£®F®% 3»Kfe5s=s LH ^ 

2 Iff- IH LF w«« a otun mil Dlver-Htew FF 12L 

2?5 ,Eu r ope LF 1*C4® a coin Noitf AnwlcnMes 1 u 

® ®g E [LJ "» E .uro-lm , n o _L F 1086200 d Oblig Jopmreies Y ZD* 

— LF m«mi> a owra AngHnsp. i n 

5fJS?KE^l L . BE / SSE ™ 0MT FUNO a Obilg AHeiiiodin a m jt 

Sh “™ “> I, JBu |Dr Guernsey Cn81 726614 d 00U9 Francoises FF 153, 

Z n IUi5!i , t F, f ? d,S,C0 '' 1 — 5 1197 d OWW Esc. 4 Ptfl Ptr. 2732 

** B*HW Fund (Slcav) 1 162)7 0 Otriig Convert inlem FF 153 

lr J5ll!? 1 rZ » , BBd F aiSIcDy| J u.7j d Courl Ter me Ecu Eat 71 

fteriUiB Eaultv F «l (Slrav) iji; d Coutl Teinie USD S 17. 

fSleavl C l_«> tl Cw I Termc FRF FF 141 

IMMQUE HWOSUEZ W CREDIT COMMERCIAL DE FRANCE 

iv The Dragon Fund Slcov S IKLB 2 , PF "SM 

m Japan GM Fd A [28/02/441 1 nu a Sam Acllcnsh USD B 5 1190- 

mJapanGldFdBiaKiJ l»S CREDITSUISSE 

171 Dual Figures Fd CIA UnilsS I2»3? j £ 5f . a . ond 9— SF »i 

mOuol Futures Fd Cl C Unlls.s U8.46 2 U 0 ?* l&i 

mMar nu Fut Pd sar ICLAS 1*7 31. a Bond volar US ■ Dollar 1 1211 

m Maxima Flit. Fd Ser. 1 Cl Bi liijn 2 ^2? ° ,!Ua ' — .Jgj 

n> Maxima Ful. Fd Ser. 2 cl c s io?B«t “ £** vMor ft* v 1 0747J 

m Maxima Ful. Fd Ser. 2 CL D1 1 00.715 a Bond Valor t Slrrllno t_ TWi 

m Indasuez Curr. Cl A units_S iSw tf Caurart Valor 5*1 - S F TOC 

m Indosuec Curr. Cl B Unils_S 111 i Convert V alor US Dollar _S 297 J 

w IPNA - 3 S 4«n£( a Convert Valor 1 SlerlVio C KX 

a ISA Aakm Grawlh Fund i 7178 2 Sf! f£ I5* 

a ISA Jopon Peo Growth Fd v ntm d ActkxisSuhisn.— SF 8494 

a ISA Pocltlc GoWFund lls l«‘l| - a Credls SmJHAIId Coe SwllzlSF 2414 

a ISA Aslan | name Fund & 1IK, d Eurora Volor SF JIU 

a Indow^K JwFund!_irf AM a Eneroie Voku SF 1413 

1?.« JJWItVW SF 14L1 

iv Htmolovan Fund S l»J7 ^ C5 Go^d Volm S 1S2J 

■at JUIrmlhr Tinrl « AMi d CS T Ifler Fund — U2W 

USSUUTHSL; 1 a csEa>BondA ecu kw 

w^TJTyvi 1 a CS Ecu Eland B Ecu II1J 

a indosucH ona K«ia Fund J s?un a CS Gulden Bond A FI 1025 

3 &lental VDriu.rT^iTl Is Sm a CS GW den Bond B FI 15421 

a MrnAmvhm T i 55_TI Sim a cs Hlsuono Iberia Fd A Pto 30368.1 

i ZS^IlIESPJZ S 1 &1J® a CSHtpano Iberia FdB PM 116715 

SpESwrJEr L itis a CS Prime Bond A DM HW5 

1 E2£ £Si , a CS Pnm* flood B DM 1513 

a C5 Eutopo Bond A DM 2405 

i ! a CS EuruFB Bond B DM 34M 

a ItSS?S2Jt7Sp^W 1 "iil a CS Fixed I SF 7X 1/76 5F 1863 

d vSidv^^v^FSSIIs !5 a CS Fixed 1 dm n. i»w dm lot* 

1 h22S«?HtahVWMMTs Q7M a CS Fixed 1 Ecu 8 3/4 Pc l/7#_Ecu 1074: 

w d C5S»»s Front Bond A SF 2744 

n “““HWWWWW, 0C5S«te Front Bond B 5F 3034 

d CS Bord Fd Ure A.'B Lit 2S3IB7JI 

EotSiig 8 cSib ihavf A Sn MMBOURg a CS Bond Fd Pnotas A B_Ptas 191410 

S ^m uyilSS mKaw» MB 0UB ® a CS CermiUY Fend A DM 2e67- 

BiSlJeFOJAfn.?? CS,C pS I«rnn d CS Genrnmy Fend B DM 2814 

IS55 d CS Euro Blue OitosA DM SeT.A 

5 UdSte US C D A IlSK JIT* %£!3 a CS Euro Blue Chips B DM 2723; 

rf u!n n }Hil 2 51-SS a CS Short T. Bond S a S »U 

a inldbondUSDAIDivl S 17.0191 ri rs Shorl T* Bod DMA DM ISill 

a iirtaNxmi usd b (CopI — s au»n ^ csuS^ t bS« DM bZZdm 

a Finnsoc Globol FM A fDIv) FM 2312416 j SS!J JSTLIml f c ,£? 

a Fimaec GMXM fm B iCopIFM 2332414 a CSAionevAtatPLFa*-— » 

a intelband FRF A IDIvl FF 1212162 a “ Moner M«7e1 Fd DM_pM 1^190 

a Inteibond FRF B (Con). — .FF lsutO* 2 S 15^ S v u^w 

a Far East USD A (DW) S 255625 2 R SSSH SSh m ra c* 

d Far Etui USD-B (Cap) 5 255926 S rl 55SS2I Frt SiT'Sn mj 

d JapanJPY AIDhrt y 11600132 j m f ”~f™ 2m| 

.d Japan JPY B(Cao) Y 1HA3132 d CS Manev MmJeJ Fd SF ^F 580^ 

d Porsec FRF B ICOO) FF 1219 IJ a CS Money Martel Fd HFI_FI I19SJ 

a Latin Amerkn USD A IDIvl* 2SA1B 2 Fd ff — f^f 

a UrtM America usd Bicopl* 2SJ6I8 2 rsSSSiuSiS mm pib 133711a 

tf North Amerka USD A IDIvl 1 16.WSJ7 g C5 Mwev MmLel Fd PM Plo 1^113 

tf North Amer USD B(COPl-S lt«7 2 S3 . a Fd wtw 

BANflllE SCAN D I NAVE EN SUISSE -GENEVA 2 £, Cjfc^P «« £ D» 

wimetOondCM SF 8*55 1 w rs Smm AmertranA '' 

" 2Hfi£2fc sa S § nSmSS: b 


(kiatMlMtt R^phd by Mt fatad. MM naal nba MMtatiMO an hvr(M by tta Faatft Eatad wWi lha axceptiaa ol mna quote* bnad on iuua i^cm. 

The ara^iaal eymbata Imficate fra<*Mcy o4 qootatlaa tuapBetL W « OoHyj M • meaWy; (b) ■ bLmonthty; {fl {ertai^itty [every two vmta}; M - mgMarly; [1} - twice yreeWy; fm] - m onthly. 




w InteUec Oil SF 23158 

w SwUiftm tf CM SF 17723 

BANQUESCS ALLIANCE-CREDIT BAIIK- 
(4122) 388-1381, Geneva 
iv Pie lade North Am Equities .5 I06J? 

w Pletade Europe Eauttlw — Eat 13401 

iv Plelode Aato Podlk. Ea — .s HUf 

r» Plertxle Envtronmenl Ea — -3 99 m 

1* Plelode Dollar Bandr. — . — 5 lOOJj 

v Pteiade ECU Bonds Ecu >0831 

w Plelode FF Bond*. FF 107.44 

w Pteiade Euro Caw Bonds _^F 97 78 

iv Pletade Dollar Reserve S 100.13 

w Plelode ECU Reserve — — Eai 101.99 

■ Pletade SF Reserve SF 10153 

w Pletade FF Reserve FP ’92.07 

BARCLAYS INTV FUND MANAGERS 
How Kong, TOT 1852) B36 1900 

tf China |PRC) S 97 5 

d Hono Kona— * 

tf Indonesia 5 'IJ’J 

tf JfiffTT" --S 

d Korea s 12JJ3 

tf Malaysia S 2J.-07 

tf Philippines 5 27-17 

tf 5lnoapore_ J 

d Thailand S 32.714 

d South Easl Asia S H543 

BDO GROUP OF FUNDS 

iv BDD US$ Cash Fund — S 5»009 

a BDD Ecu Cosh Fund Ecu ««■« 

w BDO Swiss Franc Cash- — SF 5HU3 

w BDD li»9. Band Fund-USS— S « 

iv BDD Ini. Bond Fvnd-Eai —Ecu 70KJJ 

wBDDNAmertamEquttvFin 5M1S4 

» BDD European EaullvFiwKJEaj «SU 97 

m BDD Aslan Ewdiv Fuita — S lfll.74 

m BDD US Small Cop Fund _» IM7.W 

n> Eurormonctare Fixed Mnc_FF 
ir EuroBn MuMI-Cv Bd Fd— jJF 956528 

BE UNVEST MGMT (GST) LTD 

IV BWinvest-BrMil » * 

w BWInv«t-G total J 

tv Bellnvest-lsrael J .jSfii 

iv BeUnvest-Mumborrd S }«S1 42 

w Be! Invest -Super lor. --S ’(M7.17 

BNP LUXEMBOURG 

INTER CASH ijamU. 

1 France Manatolre FF wj* 

/ France Securlle FF 

I inter Cash DM OJJ ^ ~ 

) inter Cosh Ecu — — Ecu 

I Inter Cash GBP c 

I Inter Cash USD-. S \W|« 

1 Inter Cosh Ten. -■— , “ R1 * 
INTER MULTI INVESTMENT 
w Privallsallons tail Invest — S l3OTj7 

t» Telecom Invosl s 107054 

INTER OPTIMUM 

:Esasr*os==» nss 

FF 1558962 

ITJCU W4D51 

INTER 5TPATEGIE 

»Aush^te % P ,K?lM 

w France - - •— , y>rJM 

w Europe du Nord- — ^ 5 «lvi 

:i^ssr===|s s 

IvAr^tQuedu [tord s im»ih 

k Sud-es l Aslaltaue -} 3S7I01 

BUCtULNAN FUND LIMITED 

cib Banv of BnuuM Lid. 180*1 5954050 IU8 

I Global Hedae USD.. * “J 

I Gl obal Het tarS BP — ■— t ]*** 

t European B Allanlic — » .,u 

I PocUlc - — — — — — ji(5 

yiartisragjp ■«? uEs & 

d Fructflltx ‘ ObL FS4!5 A r IS5594 

tf FnKWwx-OWjJ^f®®^ - ^™ 97373 

,or,ls 

Sgaa. ^ 

fi-te^wxslLSSttsSl. 


tf CS UL Fund A L H4S9 

a CS UK. Fund B L 11720 

tf CS Fronce Fund A FF 104BP1 

a C5 Fronce Fund B FF 1 10460 

tf CS Euroreal DM I0IJ7 

tf CS Hair Fund 4 — Lil 261111.70 

rf C5 llolr Fund 8 Lll 367471L00 

tf CS Nelhei lands Fd A FL 40L54 

tf CS Nelher tarxls Fd B FL 41I.W 

tf CS FF Bond A FF 10K55 

d CS FF Bond B— FF II61W 

d CS Capital SFP 300— SF 15*1 SB- 

d CS capital DM2900 DM 145552 

tf Cs Capital DM 1997 —DM 1748.15 

tf CS Capital Ecu 2006 ECU 1429.C 

tf C 5 Capital FF 2000 FF 142357 

tf CS Japan Mcaolrvnd SFR — SF 759 >< 

a CS jqpot Megatrend Yen^V 2Sa3J» 

tf CS Port! Inc SFR A.‘B SF HC7-41 

a CS Parti BdJ SFR SF 1«7^ 

d CS Parti Growth SFR _ SF 193156 

d CS Portt Inc DM A/B DM I05W3 

tf CS Peril Bat DM DM W7251 

tf CS Port! Growth DM DM 106755 

tf CS Porll Inc USS A/B 8 99654 

tf CS Porlf Sol uSi — — 1 101457 

tf CS Pool G row’ll USS — S 1077^ 

tf CSEaFdEmergMMs S USttW 

tf CS En Fd Small Cap USA— $ 10JL» 

tf CSEoFd Small Eur_ DM W8J9 

tf C5 Ea Fd Lot America i 98758 

CURSITOR FUND 

d Ol'SItar Easl Aston Ea— _S 97 A* 

tf Curst tar Glbl Gwth Sub- Fd 5 9601 

DARJEH HENTSCH GROUP 
Trt 41-22 708 68 37 „ 

tf DH Molar Marked Fund— SF 106S108 

d Henisch Treowry Fd SF 10m* 

tf Samurai Pwltolto SF 37X68 

DISCOUNT BANK GROUP 

r» Mulllcurr Bond SF to* 

«V Dolval Bond J I17S38 

n> Euroval Eaully — Ecu '371 IJ 

rr n. America Eaultv 1 1427. J" 

» Podlk; Eaullv S 1180.17 

DfT INVESTMENT FFM 
d Canreniro + — — — DM a56 

tf Inti Rertenlard + — - I' M 723* 

GUBIN & SVtlECA ASSET MANAGEMENT 
Tel IB09IM5 WO Fax: 18991 945 1488 
b Highbrtdoe Capital Can— 5 I»7.I0 

m Overtook Per tor man re Fd-S 2m79 


8950 

11569 

17181 

11556 

10747.M 

10354 

17100 

20771 

KUB 

13531 

84*6' 

24156 

23052 

14533 

140.15 

I52JA 

112354 

10630 

18154 

10150 

14*5# 

30268.10 
3167850 
HM52 
15232 
24055 
349J2 
18639 
106*4 
10767 
27463 
30362 
253167 JO 
1914150 
26674 
281*6 
267.47 
27232 
101*0 . 
199.17 
10040 
15530 
1796*7 
1735.90 
233612 
144733.9* 
129137 
137*39 
S0IQ3 
119530 
121349069 
*13167 
12371331 
56*5*2)7 
2*165 

&s 

25581 
114*9 
117 JO 
10*881 
110*60 
I0IJ7 
261111.70 
24747000 

40434 

411.99 

1085^ 

11*170 

15*1.02 

145562 

17481S 

142962 

142337 

2S964 

2S583JM 

102761 

103765 

10313* 

105773 

107251 

106755 

99*54 

101437 

1022*7 

noaio 

1W2JS 

950J7 

90738 


mPacilic RiMtta Fd. 


FF 

Em 


EBC FUND MANAGERS (Jersey) LTD 
IO Seale SI, SI Heticr ; 053406331 
EBC T PADE D CURRENCY FUND LTD 

tf Capital » 2M« 

j income . .>5 15.171 

INTERMATIONAL INCOME FUND 

d Lain Terr 1 — . 3 32-56* 1 

d Long Term - DMK DM 106770* 

ERMITAGE LUX (3524173 Ml 
n Ermllooe Set Fwtf — S *530 

.« E'willoac Aslan Hodoe Fd-5 12.12 

ir Ermilane Euro Hedge Fd -DM 1112 
nr Emil I one CraibY Asta Fd— 5 1051 

w Er milage Amer H« Fd__S 935 

rr Ermlloge Emcr *Mtls Fd — * 1S6* 

EUROPA FUNDS LIMITED 

tf American Entity Fund J 2*230 

tf American Dpi on Fund S 3K71 

iv Astan Eqwlv Fd — J 12L13 

w Euionean Eauily Fd — — ln « 

EVEREST CAPITAL (1871 292 2280 
nr Everest CooHal Inti LM— S 13*03 

FIDELITY I NTT INV. SERVICES (Ux)_ 

tf Dicta -ret r Fund 5 M65 

d Far East Fund- * K>1 

tf Fid Amer Ascc's— S 19768 

tf Fid.Amer.VdveslV S 

d Frontier Fund- - — S 3734 

d Global ind Fund — — S 1964 

tf Global Select Inn Fund 5 22*2 

tf Inler notional Fund——* 

tf New Europe Fund S IX» 

d orient Fund j 

tf Panne Find 1 411.4* 

tf Special Growth Fund S 40W 

tf World Fund. - — * 


F INMANAGEMENT SA-Utoau(4tJl/2Jrai3) 
•v Delta Premium Cam— S TT77JH) 

FOKUS BANK AS. *72420 555 
* Scantands inff Growth Fd_S ],]T 

FUND MARKETING GROUP (BfDt 
P.O, Box 3001, Hamilton. Bermuda 
m FMG Global (20 Feb) — j* UTf 

jdFMGN. A mer (BFeb) J iui 

at FMG Europe 128 F«bl — I1JQ 
OlFMG EMG MKT (20 F«|_j )3il 

rnF6*GOI20Fnbl I !U9 

FX CONCEPTS (BERMUDA) LTD 
w Concepts Forex Fund— 3 104) 

GAIA CURRENCY FUND5 

w Goto Hedge tl * I3u* 

■rftntn Hedge HI . y |j^A 

<n Gold Swiss Franc Fd SF 51.91 

wGAIAFx . % 11435 

mGaln Guaranteed CL l s 868* 

w Gala GraronleedCI.il I 06*5 

GARTMORE INDOSUEZ FUNDS 29/03/74 
Tel : (352)4*5* M 470 
Fax ; <3521 W 54 23 
BOND PORTFOLIOS 

tf OEM Band Dio 5*3 DM 648 

tf Diver bond DH73I SF 117 

tf Dollar 840*1—01* 127 i jaj 

d Eur ocean Bd DIs 1 JO _Ecu U2 

d French Franc — DIs 1054 FF i jjj 

tf Global Bond DIs 2.18 S 265 

EQUITY PORTFOLIOS 

rf A5EAN J 7.75 

tf Asia PncWc . * A40 

tf Canilnentat c, tt~ Fry 130 

tf DevctapIneMorAcla.— $ 451 

tf France FF 1131 

tf Germany DM 547 

tf inlcrnaltonol jS 263 

tf Japan y 273210 

tf North America— t 165 

tf SWtwrtMirf IP 

tf Untied Kingdom t 138 

RESERVE FUNDS 

0 DEM- DBS37 DM 5234 

tf Dollar Dto 2JJB S 2J51 

d French Franc FF 126* 

tf Yen Reserve— Y xi| 

GEFINOR FUNDS 

London : 071^199*171. Geneva : *1-22325530 

a East Investment Fund S 74758 

■v Scottish World Fund — J 4517752 

■v Slate SI. American * 3M37 

GENESEE FUND LM 

w (A) Genesee Eagle S 13758 

iv IB) Genesee Short 5 66.72 

k> (CJ Genesee Opportunity 15113 

w (FI Genesee Ntx» Eaultv 3 1246* 

GEO LOGOS 

w II Slratahl Bond B Ecu 10S235 

w II PocJ I ic Bam) B 5F T41434 

GLOBAL ASSET MANAGEMENT 

OFFSHORE FUNDS 

11 Athol StDouglos.1 oi Man **42*52*837 

wGAMertca j 4 5455 

nr GAM Arbitrage 8 30*51 

w GAM ASEAN S 41461 

w GAM Australia 8 71259 

w GAM Boston— 35 u3 
m GAM-Corolll MtnnelonLa— 5 10531 

w GAM Combined DM 13157 

wGAMC/oss-MarLel * 10532 

nr GAM European S *180 

iv GAM France FF 197938 

w GAM Franc -vol SF 26861 

nr GAM Ramto . _ % 2259* 

■r GAM Hfah Yield _S 159.90 

W GAM East Asa Inc 8 *0694 

nr GAM Japan S 051.74 

w GAM Money Mils USS S 10039 

tf Do Sterling I 101.17 

tf Do Srrtss FtOhC SF 180,92 

a Do Oeutscnemart DM 10U7 

tf Da Yen v iboiloo 

w GAM Allacalea MllFFd S 173L72 

wGAM Emenj MktsAAlll-Fd J* 17932 

w GAM MI 1 1- Europe USS 5 139.93 

» GAM Ml IF Europe DM DM 14510 

wGAM Mllr-C-ltaal USS S 18503 

IV GAM Martel Neulrol > 11778 

w GAM Trodtafl DM DM 133J1 

■V GAM Trading USS _* 171.98 

t» Gam Overseas 2 18512 

wGAM Pod lie S 0*195 

■* GAM Selection S *5X63 

iv GAM SlngoPore/MotoYSlc -3 *5667 

nr GAM SF Special Bond SF 1345S 

nr GAM Tvchr S 37679 

wGAMU5 * 20543 

w GAMul investment 8 80860 

w GAM Value S IJ6I0 

wGAMWhHetmrn S 19254 

nr GAM Worldwide 1 *71180 

w GAM Band USS Ord S 14485 

w GAM Band USS Spedol S 19X57 

w GAM Band SF SF 18453 

wGAM Bond Yen Y 145922)0 

WGAM Bond DM DM 12034 

W CAM Bond C f. 16330 

» GAM E Spedol Bond— C 14645 

w GAM Universal USS S 15X79 

w GSAM Composite J 34331 

SWISS REGISTERED FUNDS 41-1-4222*2* 
Muhtebochstraae 17LCH BOXLZurtch 
d GAM ICHt America — SF 155937 

d GAM (CH) Europe SF <834 

tf GAM ICH) Mondial 3F 1771.78 

rf GAM I CHI Fuel fie SF 281760 

SEC REGISTERED FUNDS 

135 East 57rd Street H Y 1H22J17M8-42O0 

w GAM Europe- J 8679 

wGAM Global S 150JD 

w GAM international S 19583 

w GAM North America i 8615 

WGAM Pacific Basin S 18169 

IRISH REGISTERED UCITS 
Eartstort TerraceAublin 1353-147*0-430 

w GAM Americana ACC DM 9£3* 

i» GAM Europe Acc DM 12525 

w GAM Orient Aa DM 15*33 

wGAM Tokyo Are— DM 171.58 

w GAM Total Band DM Are — DM 107 JB 

wGAM Universal DM ACE— DM 17769 

GLOBAL CAPITAL MANAGEMENT LTD 
Bermuda: (009) 2954000 Fax: (889) 2954180 
JWH GLOBAL STRATEGIES LTD 

w (C) Financial & Metals S 14*60 

w(D) KT Global S 107.19 

nr IF) G7 Currency S 8622 

w (H) Yen Financial S 166js3 

w ( J ) Diversified Rsk AflL S 1I72M 

w (K) tail Currency 8. Bond _5 11 680 

W JWH WORLDWIDE FND — S 1065 

GLOBAL FUTURES A OPTIONS SICAV 
m FFM Int Bd Ptdbt-CHF □ _SF M02» 
GOLDMAN SACHS 

tv GS Adi Rate Mart. Fd II % 9.9J 

mGS Global Currency . I 12376* 

m GS Globd Eaultv S 1231 

w GS World Bond Fund S 1063 

W GS World Income Fund — _l 9.90 

GOTTEX FUND MANAGEMENT 

wG- Swap Fund —Ecu 120833 

GRANITE CAPITAL 1NTL GROUP 

wGranltr Capital Equity S 15515 

w Granite Capital Mkl Neutrals 09929 

W Gran Hr Capital Mortgage _S 1JB049 

GT ASSET MANAGEMENT (IRELAND) LTD 
Tel: 14*) 71 -710 45 *7 

tf GT Axean Fd A Shores S 

tf GTAscon FdB Shores S 

tf GT Asia Fund A Shares S 

tf GT Asia Fund B Shares i 

d GT Aslan Small Comp A Hi3 
tf G7 Aslan Small Camp BShS 
tf GT Australia Fd A Stwres_S 
d GT Ansi ratio Fd B Shares-* 
d GT Austr. Small Co A Sh — S 
tf GT Austr, Small Co B Sb — S 
tf GT Berry Japan Fd A Sh_S 
tf GT Berry Japan Fd B Sh — t 
d GT Bond Fd A Shares — _* 

tf GT Eland Fd B Shores * 

tf GT Dollar Fund A Sh s 

tf GT Dollar Fund B Sh S 

tf GT Emerging Mkls A Sh _s 
tf GT Emerging MW*BSh_s 
tf GT Em Mkl Small CoASh-S 
tf GT EiT»M*t5moti CoBSb-S 
w GT Eura Small Co M A Sh J 
w GT Euro Small Co Fd B Sh_5 
tf GT Hong Kang Fd A Shares* 
tfOTHongKoag FdB Shares* 
tf GT Honshu Pathfinder A Sh* 
d GT Honshu Pathfinder B ShS 
w GT JOP OTC Stocks Fd A Sh* 
w GT Jop OTC Stacks Fd B ShS 
w GT Jan Small Co Fd A Sh-3 
w GT Jop Smoii Co Fd B Sh_» 

vGiT. Lalta America Fd J 

tf GT Strategic Bd Fd A Sh * 

tf GT Strategic Bd Fd S Sh— S 
d GT Telecomm. Fd A Shares* 
rf GT Telecomm. Fd B Shares* 
r GT Tecfmoiosy Fimd A Sn_s 
r GT TertYtotogv Fund B 5h_5 
GT MANAGEMENT PLC (4471 7104*0) 
tf G.T. Biotech/ Health Fund-* 233* 

tf G.T. Dvutvtfitand Fund 1 13J6 

tf G.T. Europe Rxxi J 512D 

wG.T. Global Small Co Fd — 5 28.97 

tf G.T. inveelment Fund S 253* 

w G.T. Korea Fund — * 56S 

w G.T. Newly tad Countr Fd_* 5969 

wG.T. US SnxHI Companies _5 KJT 

GUERNSEY CAPITAL MANAGEMENT LTD 
/ GCM Gtobol SeL Ea S 1P7.72 


10930 E GUINNESS FLIGHT FD MNGR5 (C 


GUINNESS FLIGHT GLBL STRATEGY FD 
tf Managed Currency ■ * 396* 

d Global Bantf S 3658 

d Global High income Bond-* 233* 

d Gilt & c Bond * 11.10 

tf Euro High Inc Bond C 23J3 

tf Globol Equity * 7133 

tf American Blue Chip S 2863 

tf Japan and Pacific * 12&S3 

tf UK * .2*3* 

tf Eurooeon — — * ^11187 

GUINNESS FLIGHT INTLACCUMFD 
tf Deui vJxn nary . Money . DM 88637 

tf US Dollar Matter 5 383*0 

tf US Dollar High Yd Bond — * 24J5 

d tall Balanced Grta * 360* 

HAS E N B I CHLER ASSET MANGT GeunbH. 

w Hasenbichler Com AG * 5744JB 

wHnsefiblctilar Com Inc 5 1U« 

w HaseaNdUer Dlv— S H969 

WAFFT * 130165 

HEPTAGON FUND NV (J99F41SDJ) 

/.Heptagon OLB Fund s lotos 

m Heptagon CMO Fund: * 10965 

HERMES ASSET MANAGEMENT LTD 
Bermuao: (009)295 4060, Lux : 1352)404 *4 *1 
Final Prices 

m Hermes Eureaetm fimd — Ecu 3ga 

m Hermes North American Fa* 299J4 

m Hermes Allan Fwd s 4015* 

mHtnnes Em tt& MK13 FuiKLS 1*<LW 

m Hermes Sirota Dies Fund— * 742i 

m Hermes Neutral Fund— S 11872 

in H er mes Global Fund * 64237 

ai Hermes Band Fund— Ecu 129469 

ro Hermes sierong Fd 1 11122 


Buthoffly. P: MuMteotbld and offered price. 


efts Harks; ECU- Europ 

gg^gjJHjjg 


I + - CXIer Pncas 
bb ; •■Parfsexa 
fcktol2<tays 


!) mHarmes GoM Fund -S ...... „ <llul 

0 INCOME PARTNERS (ASIAl LIMITED 

w Aslan Fixed Income Fd— jS_ 10J20 

1 INTERINVEST (BERMUDA) LTO 
Oo Bank 0! Bermuda Tel: 807 2*5 4000 

m Hedge Hog A Conserve rd_4 is? 

9 INTERNATIONAL ASSETS FUND 

1 1 Bd Royal. L-3**9 unembixjrg . 

0 h r Europe M E Em tut 

1 INTERNATIONAL MGMT INCOME FUND 

9 tf Amer too* du Newt * 1M.J6 

tf Europe Conllnwrtoie DM ISOJO 

0 tf Haile ■ J tl 

a Zone AMtlque— y 1000730 

1 invesco iim. ltd. fob 27L Jersey 

A Tel: 4*5347311* 

1 tf Maximum income Fund— I 08900 

S tf Sterling Mngd P«l__ 1 2234* 

* d Pioneer MorKet* ■( LKW 

5 a Oirosai Gtotxu Strategy^* IZ-JSS 

d Asia Super GrowM- S 228900 

a Nippon Warrant Fund S 73400 

a Asia Tiger Warrant 1 * 3HM 

a European Warrant Fund— S 15700 

* a Gtd N.W, 1994 % 96160 

7 PREMIER SELECT FUNDS 

J rf Amerkwi Grorrlh * 63920 

2 rf Amer toon Enterprise. * 9^00 

J rf Asia Tiger Growth 1 113800 

S rf Dollar Reserve S 52*5 

rf Eurcneori Growth * 5.1POO 

S tf European Enierpr he * *61M 

0 tf Global Emerging Markets-* 78100 

) d Gtobal Growth S 54. KB 

1 tf Nippon Enterprise. 5 7-7SK 

1 tf Nippon Grawlh ■■* S.lioo 

r tf UK Growth 1 56300 

2 tf Sterling Reserve * 

9 tf North American Warrorl_S 5.1400 

9 tf Groa torch taoOuPS 1 73700 

t ITALFQRTUUe 1 NT 1_ FUNDS 
I w Class A (Aggr. Growth IIOUS 79X5680 

w Class B (Gicooi Eaully) 5 1150 

I w Class C (Global Bond) S 1)57 

I wCiassD tEcu Band) — Ecu 112)7 

I JARDINE FLEMING. GPOBoxlWI Hi Kg 

I tf JF ASEAN Trust S 52.79 

d JF Far Easl Wrol Tr S 2788 

rf JF Global Canv. Tr 1 1*59 

I a JF Hang Kang Trust * 1930 

! a JF Jopon Sm. Co Tr Y 500*730 

r tf JF Japan Trust Y 138050 

tf JF Malaysia Trusl * 73.70 

I rf JFPodflelnc.Tr I 1219 

! tf JF Thottaita Trust * 3659 

I JOHN GOVETTMANTfIDJHj LTD 
> Tel: *6*24- *2*428 

wGoveft Mon. Futures t 133* 

i w Govetl Mon. Fut. US* S 934 

1 wGavettS Gear. Curr I 13.17 

wGoveftSGtWBai. Hdoe * 1T2S37 

JULIUS BAER GROUP 

rf Bocrbond SF 

i a Confiw SF 

a Eautaocr America S 

tf Eautooer Europe — ... -SF 

tf SFR. BAER 5F 

I tf Siockbor SF 

rf Swlssccr SF 

rf Uguibaer ■ . ■ ■ .8 

rf Europe Bond Fund— Ecu 

tf Dollar Bend Fund * 

tf Austro Bond Fund AS 

tf 5 whs Bond Fund SF 

tf DM Bend Fund DM 

tf Convert Bond Fund SF 

tf Global Bond Fund dm 

tf Euro Stock Fund Ecu 

tf US Slock Fund S 

a Pacific Shxk Fund t 

tf Swiss Start Fund SF 

tf Spedol Swiss Start 5F 

tf Jotxm Stack Fund— Y 

tf German Slack Fund DM 

tf Korean Slod Fund * 

tf Swiss Franc Cash SF 

tf DM Cash Fund dm 

tf ECU Cash Fund Ea 

tf Starting Cosh Fund l 

d Dollar Cash Fund * 

rf French Franc Cash FF 

Nr Mull I advisor Forex Fd S 

KEY A55ET MANAGEMENT INC 

m Key Globol Hade* & 2767* 

mKcr Hedae Fund Inc— .* 1477) 

mKev Hedge Investments * 14*63 

KIDDER, PEABODY 

b Chesapeake Fund Lid * 24*140 

bill Fund Ltd S 11178* 

b Inti Guaranteed Fund i 129850 

b Stonehenge Ud S 1*5567 

LATIN AMERICAN SECURITIES 
Tel: London 07) *20 1234 
tf AroenliMan invest CaSkavS 261* 

tf Brazilian Invest Cn 5Jcov_* 3S63 

0 Colombian Invest Co Slaw_S 1760 

tf Latin Amer Extra Yield Fd S 10.9491 
tf Latin America Income Ca—l 958 

d Latin American Invest Co_-3 1130 

tf Mexican Dives! Co Skav S *13* 

tf Peruvian Invest Co Sicav 5 1*85 

LEHMAN BROTHERS 

tf Aslan Drwnn Port NV A _* 933 

tf Aston Dragon Port MVB * 939 

d Global Advisors 11 NV A s 

tf Global Advisors II NV B S 

rf Global Advisors Pori NV A_* t U2 

tf Global Advisors Pari NVB-S 11217 

tf Lehman Cur Adv. A7B S 608 

rf Premier Futures AdvA/B-S 963 

UPPO INVESTMENTS 
34JF LIppo Tower Centre. 89 OueenswarJIK 
Tel 189) 0*7 MB Fax (8571 Wo 0388 

w Java Fund 5 750 

w Asian Fixed me Fd _J 96* 

1* IOR Money Martel Fd 5 1236 

W USD Monev Martel Fd I >082 

w Indonesian Growth Fd J 2032 

w Asian Growth Fund S 18*1 

w Astan Warrant Fund S 73* 

LLOYD GEORGE MNGMT (89) 845 4433 

w Antenna Fund — S 169* 

w LG Asian Smaller Cal Fd_J 11W20 

w LG India Fund Ltd — S 14.18 

LLOYDS BANK WTL (BAHAMAS) LM 
Lloyds Americas Portfolio (80*1 3ZM71V 
w Balanced Moderate RtakFd* HUM 

LOMBARD, ODIER A CIE - GROUP 
□ B LI FLEX LTD (CJ) 

tf Multicurrency S 3137 

tf Dollor Medium Term S 2*36 

d Dollar Lana Term — * 2181 

d Japanese Yen Y 49)680 

d Pound Start tag- c 7735 

tf Deutsche Mart DM 17.9* 

tf Dutch Florin FI 1837 

tf HY Euro Current iw Ecu 1*6* 

a Swiss Franc SF 1361 

rf US DoMar Short Term S 1184 

rf HY Euro Curr Dhrid Pay — Ecu 1151 

rf Swiss Mulllcvrrencv SF 17.18 

tf European Currency Ecu 227? 

tf Briglan Franc BF ns3i 

tf Convertible 1 1538 

tf French Frxic FF 1931 

tf Swiss Multt-Dlvldend SF 1035 

tf Swiss Frwtc Short-Term — SF 10434 

tf Canadian Dollar C* 1282 

• tf Dutch FtortnMMH FI 1560 

d Swiss Franc D(vM Pay 5F 1180 

d CAD Multicur. Div CS 1102 

d Medttarraneqn Curr — — SF 11.1* 

tf Convert I Dies SF 10.15 

MALABAR CAP MGMT (Bermuda) LTD 

m Malabar Inn Fend 3 2D5S 

MAN INTERNATIONAL FUTURES 
mMlnt Limited- Ordinary — * 49.17 

in Mim Limited - income S 14.74 

mMlniGM Ltd -Spec issue _S 3017 

mMlnl GW Lid -NOV 2002 * 2699 

mMlnt Gid Ltd -Jon 1994 S 2114 

mMlmGId Ltd -Dec 1994 S 1967 

mMlnt Gid Ltd- Aug 1995 S 16» 

m Mint Gid Currencies. — — * 1031 

mMlnl Gid Currencies 3XH — S 1065 

mMlnt So Res LM (BNP) S 110.72 

m Athena Gid Futures — . * 1283 

m Athena Gtd Currencies * 933 

mAMtenaGhl Financial* I ncJ* 1057 

taArtienaGid PfemctalsCapS 1169 

taAHL Capitol MktsFtf S 123* 

m AH L Commodity Fund— $ 1065 

mAHL Currency Fund * 934 

taAHL R«6 Time Trod Fd — 5 1118 

mAHL Gtd Real Time Tra — S 1833 

itiMap Guaranteed 199* Ltd — S 9j» 

mMap Leveraged Rocov. Ltd* 1185 

roMAP Guaranteed 7000— 3 1162 

taMblt GGL Fin 2003 * 813 

MARITIME MANAGEMENT LTD 
73 Front St Hamlilon BorttaXla (8IW292 9719 
w Maritime Mtt-Seder 1 Ltd -S 1K167 

w Maritime G8>! Beta Series-* 0*644 

w Maritime G2>i Delta Series 8 843J7 

w Maritime Gfcl Tou Series— S 04460 

MATTHEWS INTERNATIONAL MGT 
EMERGING ASIAN STRATEGIES FUND 
mOassA S 12089 

w r>— a -S 11*31 

taPocHIc Convert. Slrol— J 998J 

MAVERICK (CAYMAN) (189) M9-7942 

m Maverick Fd —6 

MCKINLEY CAPITAL PARTNER! LTD 

mine Corsair Fund Lid * 12*50 

MEESPIERSON . 

Rrtin 55. 10l2fcfc, Amsterdam (2^52111001 
w Asia Poc. Grow* Fd N.V—5 406* 

w Asian Capital Holdings * „<|gJ3 

w Aslan Selection FdNV FI 1M6l 

w DP Amer. Growth Fd N.V. _l 37.9) 

w EM5 Offshore Fd N.V FI 107.0 

w Europe Growth Fund N V. _F1 

w Japan D+verstfted Fund S 

w Leveraged Cap Hold * 9^ 

w Tokyo p DC. Hold. N.V. * 249.77 

MERRILL LYNCH 

tf Dollar Assets Port tolto S LM 

d Prime Rate PwttDlto — * 1080 

MERRILL LYNCH SHO PT - T ERM 

WORLD INCOME PORTFOLIO 

tf OassA — 3 *61 

^fttS^NCYBONDSER^ 
AUSTRALIAN DOLLAR PORTFOLIO 

rf Category A — 

tf Category B At ,a -' 6 

CANADIAN DOLLAR PORTFOLIO 

tf Calepory A ^ *•« 

rf CataporY H M.11 

CORPORATE HIGH INCOME PTFL 

d ClbSSA-l i 

tf Class A-2_ I '“5 

d Class B-T — * »■” 

rf Class &-7_— — — 8 ,0 - 23 

DEUTSCHE MARK PORTFOLIO 

d Category A — ™ 

g Calegory p ..DM u» 

EUROPEAN BOND PORTFOLIO (DM) 

tf Class A- 1 S 

rf Class A-2 J 

gSBK : ^ IS 

SMtss 


EUROPEAN BOND PORTFOLIO IUSSI 

rf O0S5 A l DM 9.91 

rf Class A-2 Dm 1058 

rf Class B-l S 9.91 

It CtoM B-9 e 1(LS2 

POUND STERLING PORTFOLIO 

rf Category fi l 1588 

tf Cale*jr> B l 1565 

US DOLLAR PORTFOLIO 

tf Ctfeoary A 5 1167 

tf Category B r . e 1133 

YEN PORTFOLIO 

rf Catagorr A Y 1294 

rf Calegery B Y 12M 

MULTI CURRENCY BOND PTFL 

rf Class A - * 2264 

tf Ctoss B X 2133 

US FEDERAL SECURITIES PTFL 

tf Class A * 958 

rf Class & * 1089 

MERRILL LYNCH 

EQUITY / CONVERTIBLE SERIES 

BASIC VALUE PORTFOLIO 

tf Class A * 1*39 

tf Class B S 1438 

CONVERTIBLE SECURITIES PTFL 

tf Class A S 1453 

tf Class B % 14.14 

GLOBAL ALLOCATION PTFL (USS) 

tf CkrtsA J 1057 

tf Class B * 105! 

GLOBAL EQUITY PORTFOLIO 

d Class A 5 1089 

a Ckcs B S 955 

EURO EQUITY PORTFOLIO 

rf Crass A * ICO 

a Class & 5 1333 

LATH* AME RICA PORT FOLIO 

tf Class a — $ 1*37 

tf Class B * 1686 

WORLD NATURAL RESOURCES PTFL 
tf Fln^A 8 1181 

a Class B S 1163 

DRAGON PORTFOLIO 

tf Class A * 1550 

tf Class B S 1*38 

MERRILL LYNCH INC S PORTFOLIO 

tf Class A * 875 

tf Class B S 03* 

fl Class C * 835 

MERRILL LYNCH MEXICAN INC PORT 

fl Mexican inc * PHI a A * 98* 

tf Mexican Inc S Pill a B S 98* 

d Mexican Inc Peso PtfICl A5 9.15 

tf Mexican inc Peso Pin Cl B 5 ».i s 

MOMENTUM ASSET MANAGEMENT 
w Momentum NoveJItor Pgrt.5 10554 

m Momentum Rainbow Fd S 13833 

m Momentum R«R R.U * 8951 

m Momentum Stortmasirr * 16158 

MORVAL VONWILLER ASSET MGT Co 
wWIHertantfs-Wlnerbcnd Can* 1557 

wMllerfuncfc-Winerbond Eur Ecu I LB 

w Wlltarfunds-Wlllereq Eur Ecu 1190 

wWlllerhinds-Wlltoraq Italy rtJt 12827218 

w Wiltarfunas-WUlereg NA * 1 1.77 

MULTI MANAGER N.V. 

w Cosh Enhancement. S 1060 

iv Emerging Markers Fd 1 236* 

w European Growth Fd Ecu 1571 

w hedge Fund 5 1337 

w Japanese Fund Y 875 

w Morhet Neutral S 11.78 

ur World Bond Fund Ecu 12.97 

NICHOLAS- APPLE RATe CAPITAL MGT 

wNA Flexible Growth Fd * 1596478 

w NA Hedge Fond S 1369)51 

NOMURA INTL. I HONG KONG) LTD 
tf Nomura Jakarta Fu nd s s.75 

NORIT CURRENCY FUND 

ta NCF USD 8 830.95 

tnNCF DEM DM 89569 

taNCFCHF SF 92679 

taNCF FPF F F 44*030 

ta NCF JPY Y 82*95 80 

taNCF BEF BF 2703188 

ODEY A5SET MANAGEMENT LTD 
V Grosvenor SIXdn WIX 9FE64-7V499 29«8 

0 Ode* European DM 15839 

w Oder Eur apron _ — S 15*63 

W Oder Eutop Grawlh Inc DM 150*6 

w Ode y Lurao Growth ACC— DM 1513] 

w Oder Euro GrthSler inc S 60 P 

wOdev Euro GrthSler Are _( 0039 , 

OLYMPIA CAPITAL INTL. INC 

Williams House. Hamilton HMI1, Berm ado 
Tel: 809292-1011 Fax: 809295-2305 I 

rr Flnlxjrr Group . -S 221.75 ! 

w Olympia Securlle SF_ _SF 173.17 

wOtympia Stars Emerg Mkls* 954*5 

w Winch. Eatiem Dn»an__S 1737 

w Wind). Frontier 5 3)354 

w Winch. Ful. Olympia Starts 14*32 

w Winch. Gl Sec Inc PI (A) 5 *2» 

w Winch Gl Sec Inc PI (C) Jt 932 

w Winch Hhtg IntTMadbon—Eai 14*7212 

w winch Hkla Infl Ser D .Ecu 172731 

w Winch Hide mil Ser F Ecu I7M.il 

w Winch Hlag Olv Star HerteeS 115771 

w Winch Reser.MuHLGvBd.* 79.74 

1* Winchester Thailand. 5 «« 

OPTIMA FUND MANAGEMENT 
73 Front SI. Hamilton Bermuda 889 2958*58 

w Optima EmeroJd Fd Ud S 1M0 

w Optima Fund S 1868 

w Opibno Futures Fund 8 1763 

w Opllrrra Gtaboi Fund * 108 

w Optima Perlcaki Fd Ltd _5 10215 

w Optima Short Fund 8 6.1S 

FACTUAL 

tf Elenutv Fund LM S 323274* 

tf Intlnltv Fund Ltd _S 5067888 

tf Star High Yield Fd Lid s 1217441 

PARIBASGROUP 

i* Luxor * 857 

tf Parvesl USA B. 5 2478 

tf Parvesl Japan B—Y 58*4.00 

tf Parvesl Asto PocH B S *862 

tf Parvesl Europe B Ecu 2*6* 

tf Parvesl Holland B Fl 137.16 

tf Parvest Frmice b — FF 1291.98 

tf Parvesr Germany 0 DM 

a Parvesl ObU-Dotiar B S 

tf Parvesl Oblt-DM B DM 

tf Parvest Obll-Yen B — Y 148271210 | 

tf Parvest OMi-Gukten B — _J=I 

d Parvesl Out I- Fr me B FF 

tf Parvesl OMFSIur B — 6 

tf Parvest OWI-Eai B . F eu 

tf Parvest Ooti-Behix B LF 

d Parvest S-T Dollar B S 

d Parvest S-T Europe B Ecu 

tf PorVfSf S-T DEM B. DM 

tf Parvest S-T FRF B_ .FF 

d Parvest S-T Bel Pto* B BF 

tf Parvest Global B— -LF 

tf Parvesl Int Band B S 

d Parvesl ObIHjroB Lit 5*387280 I 

tf Parvesl ltd Equities B S 

tf Parvesl UK B £ 

tf Parvest USD Plus B * 

tf Parvesl S-T CHF B SF 

tf Parvesr Obli-Canado B CS 

tf Parvest Obtl-DKK B DKK 

PERMAL GROUP 

f Corn modi lies Ltd S 99239 

f Drokfcar Growth N.V. * 384551 

f Emerging MktsHWos 5 958.75 

/ EurnMJr (Ecu) Lid Ecu 177869 

f Investment Hldgs N.V * 136*6* 

1 Media 4 Communlcatkms-6 1099.22 

/ NoscoJ Lid * 1*1051 

PICTET B CIE - GROUP 

w P.C.F UK Vol (Lax) C *15* 

wrP.CJF Germaval ILuxI— — DM 98.14 

WP.C.F HoromvuliLux) * 2863 

r» P.CF valtoer (luxI Plas t0W’2» 

w P.CF Valltolta I Lux) Lit 1 1592880 

» P.CF VgHrancg (Lll*) FF 133264 

wP.U.F. Vaibond SFR (Lux)^f ?>*2>4 

WPJJ.F. Va»WldU5D ILUX)^ 23164 

wP.U.F. VMbond Ecu (Lux) _£cu 18755 

tr P.U.F. Valband FRF (Lux)-FF 988.17 

w P.U.F. veebona GBP (Lux).! 95.19 

w P.U.F. valband DEM (Lintl DM 79824 

nr P.U.F. US S Bd Pill 1 Lux)— 3 101109* 

w P.U.F. Mortal Fd Ecu 1217S 

w P.U.T.EmeroMMs lLuxl_5 19611 

w P.U.T. Eur. OwWI f Lux I —Ecu 152-97 

b P U.T. Global Value (Lux) -Ecu 151.12 

rr P.U.T. Euroval (Lux) Ecu 22734 

tf Pictet Votoulsse (CHI SF *8250 

m Inll Small Coo (IOM) S 49*54 

PR EMISR INVESTMENT FUNDS LTD 
c7o P.O Bax 1 1(0. Grand Carman 
Fax: (EDR) 949-0993 

ta Premier US Eaultv Fund — S 121*20 

ta Premier Ea RFsfc Mgf Fd — S 13*9.95 

m Premier Inti EaFund— J 13185* 

ta Premier Sovereign Bd Fd_5 118*79 

m Premier GtobclBdFd * 1502.17 

m Premier Total Return Fd S 119277 

PUTNAM 

tf Emerging Hith 5c. Trust — * 4057 

w Putnam Em. rnlo. Sc. Trust J 4118 

fl Putnam Glob. High Growth 3 1769 

tf Purnarn High IncGNMA Ftf* 860 

tf Putnam Inn Fund S 1S3S 

QUANTUM GROUP OF FUNDS 

w Emerg i ng Growth Fd NV * 19265 

w Quantum Fond N.V S 1*00*30 

w Omnium Realty Tr us1 _..-S 1375) 

vr Ouanhun U K Realty Fund-C 18640 

trOuasar Inti Fund N.V. J 14731 

w Quota Fund N.V S 1*620 

QUARRY MANAGEMENT LTD 
Telephone : 809 • 94M050 
Fa a hirfto : KV - 949-80*2 

d Aim ArtllrogeFd Ltd S 9839 

rf Heverls Fund Lid i 10870 

rf Meridian HetfoeFd LM s/s 3 10159 

tf Zenith Fund Ltd s/5 S 8662 

REGENT FUND MANAGEMENT LTD 

w New Korea Growth Fd S 12 m 

w Noya Lot Pacific Irtv Co — S 4.945 

w Poclllc ArtWraoeCg * 9.13 

m Ri_ Count r> Wmt Fd * 2722* 

tf Repeal Glbl Am Grth Ffl „-S *.1153 

tf Regent GW Eure Grth Fd_S 1999* 

a Regent GW Inti GrthW S 22340 

a Repent GIU Jos Grth Fa S 35109 

a Regent Gibl POClt Basin * 64795 

a Regent Glu Reserve * 2.T*** 

d Reoeni Glbl Resources * 2644* 

a Regent Gibf Tiger S 33331 

a Regen I GUM UK Grth Fd — S l.*072 

w Regent Moghul Fd Ltd s 953 

m Regent PocMcHdgFd S 1135529 

a Regent Sri Lanka Fd 1 11 JO 

wllndervulued AselsSor 1—5 1135 

ROBECO GROUP 

POB 9713000 AZ Rotterdam.(31)10 22*1224 

a RG America Fund Fl W620 

a R& Europe Futxl Fl IU50 

a RG Podflc Fund — Fl 142JB 

a RG DWrente Forto Fl 5*J0 

a RG Money Plus F Fl Fl 11100 

O RG Monev Plus F * * 10171 

a RG Money Plus F DM PM lll.ll 

a RG Money Plas F SF SF 10637 

Mere Rabeco sec Amsterdam Starts 


ROTHSCHILD (GROUP EDMOND DE) 
IN-HOUSE FUNDS 

u Aston Cartful Holdings Fd_l *033 

w Dai no LCF Rothschild Bd _S 10(6*3 

w Dal no LCF Rothsdi Ea t 113*50 

w Force Cash Traflitkyi CHF-5F 1031635 

wLetcom „4 26*311 

1* Leveraged Can Holdings S *2.45 

urObli-vaier. SF 99*57 

0 Prl Challenge Swiss Fd. SF 11*671 

b Prl eaultv Fd-Eurm— _Ecn 117358 

b Priequify FtFHrtvello SF II2JW 

b Pr leouity Fd- Lotto Am S 1*0370 

b Prlbond Fund Ecu Ecu 13*343 

b Prtbono Fund USD i 1 14903 

b P riband Fd HY Emcr MLU5 117611 

w Selective Invest SA S 35*5*1 

b Source S 185*83) 

tr US Bond Plus i 991518 

ivVartanlcn Ecu 1133.97 

ROTHSCHILD (GROUP EDMOND DE) 
OTHER FUNDS 

tf Asia/J0on Emerg. Growths 1768550 

ur Esprll Eur Porta Inv Tsr Ecu 1*8859 

» Euros Slralce invetam ta—Eoi 10*680 
b Integral Futures . t 1038 
& Obliges! Glum) Fd General DM 189654 
b Dpt toes I Global Fix Income DM 1*52X2 

tf Pociftc N'fs Fund _S 863 

w Permol drakkar Growth NVS 30*837 

/ Seteclnn Horaon FF BHD8J3 

6 VJctoire Artone » 5D89J9 

ROTHSCHI U> ASSET MGMT (Cll LTD 

m Nemrad Leveraged Hta S 949 JO 

SAFDIE GROUP/KEY ADVISORS LTD 
m Key Dtversilicd Inc Fd Lld5 116*802 
SAFRA REPUBLIC HOLDING 

w Republic GAM s 14615 

or Republic GAt- Amcricn S 12254 

■ Rep GAM Em Ukls Globol J 
w Rep GAM Em Mkts Lai Ami 12169 

w Republic GAM Europe SF _SF 
w Republic GAM Europe USS 5 110*6 

»v Republic GAM Grntti CHF JF 11257 

Mr Republic KM Grawlh t t 

nr Republic GAuZ Growth USS 3 
w Republic GAM Opportunity S 11633 

w Republic GAM oacllic S 14765 

w Republic Gmci Dal Inc, S 

» Republic Gnse» Eur Inc DV. 

» Republic Lot Am Alloc S 10607 

w Republic Lot Am Argeru. _S 

w Republic Lot Am Brawl J 1153* 

w Republic Lai Am Mertco i 10350 

w Republic Lot Am Vene:. 5 

w Reo Salomon Strat Fd Ltd -I 
SANTANDER NEW WORLD INV. 

rnCominimder Fund S 104759 

mEroltwer Fund S 120537 

SKANDI NA VISKA EN5KILDA BANKEN 
&-E-BANKEN FUND 

d Europe Iik S 12)0 

a Florron Oslern inc I S 893 

a Global Inc J I2G 

a Lotto medrl Inc S 12C 

0 Vorttfen inc — — . — . — s uw 

tf Japan Inc y IC852 

d AVI to 10c s 154 

a Swrlge Inc Sefc 10.CB 

tf NoTOamerJa Inc S 0.99 

tf Trtnotooi Irn: 5 I.K 

a Sverige Bontetand inc Sck 1061 

5KAMDIFDMDS 

d Equity Inti Acc S 17 J7 

a Equity Inll Inc — S 1193 

tf Eaully Glotxd S 159 

tf Equity Ntd. Resources. — 5 IJO 

d EquilyJoaoi— ..V 11151 

a Equity Nordic S 157 

d Eaultv UK. C 154 

d Eaultv Continental Eutope.S 1.71 

d Equity Mediterranean S IJO 

tf Eauilv Nor In America S 208 

tf Eaultv Far Easl $ *59 

tf IntT Emerging Markets 5 165 

tf Bond Inn Acc S 1145 

tf Bond Inl'i Inc S 741 

tf Bond Europe Are S 159 

tf Bonn Europe <nc S 856 

tf Bond Sweden Acc Sek 17J3 

tf Bond Sweden Inc Sek 1088 

tf Bond DE/.l Acc. DM 138 

tf Bond DEM inc DM 0.95 

a Bond Dollar US Acc S 16) 

rf Bond Donor US Inc 5 15* 

tf Curr. US Dollor S 15* 

tf Curi . Swedish Kronor Sek 1230 

SOCIETE GENE RALE GROUP 
SOGELUX FUND ISF) 

w SF Bands A UJLA S 1639 

w SF Bands B Germany DM J2J» 

wSF Banfe C France FF 13822 

w SF Bands E G JL L 123S 

m SF Bonds F Japan Y 23** 

w SF Bonds G Europe Ecu 17.97 

nr SF Band* HVtarld Wide S 1B5S 

wSF Bonds J Belgium .BF £24-00 

wrSFEa.K North Amer kra_5 18W 

wSF Eq. LW.Eurooo .Ecu 1663 

nr SF Eq. M Pacific Basin Y 1561 

nr SF Eq. P Grawlh Countries 5 1752 

wSF Eq. Q Gold TAtaCS S 3633 

wSF Eq. R Worldwide S 1878 

wSF Short TermS France FF 1696249 

nr SF Snarl Term T Eur. .. Ecu 1630 

SODiTIC ASSET MANAGEMENT INC. 

• SAM Braill 6 21*61 

wSA/A Diversified S . 13604 

urSAM/MIcGarr Hedge S 117-02 

IV SAM Opportunity S 12SJU 

a SAM Strategy i 121 JO 

raAWW SAM S 12955 

w GSAM Composite S 3*331 

SR GLOBAL FUND LTD 

mSR European i 97-M 

mSR Asian 1 9152 

mSR Internal tonal— — S 10131 

SVEN5KA HANDELS BANKEN S JL 
14* Bd de lo Petruse, l- 2330 Luxembourg 

bSHB Bond Fund S 5S67 

nr 5<renskQ sri. Fd Amer Sh — S IS57 

m Swensko Set. Fd Germonv_S 1 1-29 

■v Svensko Sel Fd tall Bd Sh J 12J» 

w Svenska Sel. Fd InTI Sh S 5*6* 

nr Svensko Sel. Fd Japan Y 487 

m Svensko Sel. Fd MWI-Mkl — Seh 115.9) 

nr Svenska Sel. Fd Poclt Sh _5 742 

w Svenska 5eL Fd Swtd Bds_Sek 143858 
nr Svenska Set Fd Svi via Sh _ Ecu 14*9 JB 
SWISS BANKCORP. 

tf SBC IDO Irtaerr Fund 5F 18382)0 

tf SBC Equity PHI Auslralla_AS 21600 

rf SBC Equity PIN-Canoda — C5 23*.W 

rf SBC Equity Ptlf-Eurooe Ecu 200210 

rf SBC Eq PirHtatlierWtads_FI 38600 

tf SBC Govera Bd A/B S S 1008.11 

tf SBC Bond PHI Austr S A — AS 112.9* 

tf SBCBandPttl-AustrSB — AS I22.M 

rf SBC Bond PHLCanS A CS 1 1231 

tf SBC Bond PttlCon S B CS 12833 

tf SBCBantfPtfl-DMA DM 171.81 

tf SBC Bond Pttl-DM B DAI 18165 

tf SBC Bantf PI ft- Dutch G. A_F1 17068 
tf 5BC Bond Pill-Dutch G. B-FI >815* 

tf SBC Band PI IV Ecu A Ecu 11S59 

tf SBC Bond PlfFEcu B Ecu 17165 

tf SBC Bond P1IVFF A FF 609.10 

rf SBC Bond Pttf-FF B FF 48362 

tf SEC Bond Pttl-Plas A/B Plas 975*30 

tf SBC Bond PtlV Sterling A _r Ss.10 

tf SBC Bond Pill Sterling B _1 *050 

rf SBC Bond Portfolio- SF A — SF 1152.11 

rf SBC Band Porttello-SF B_SF 1*10.73 

tf SBCBondPrtl-U5SA S 10561 

rf SBC Bond PHI USS B. — S 11030 

tf SBC Bond PHI- Yen A Y 10^5B2» 

tf SBC Bond Pm-renB Y l)J338D(l 

tf SBC MMF AS AS 43006S 

tfSBCMMF-BFR BF 111745210 

tf SBC MMF - Cm 5 — CS 467*2)0 

rf SBC DM Short-Term A DM 1021.48 

tf SBC DM Short-Term B DM 1331 J3 

tf SBC MMF • Dutch G. Fl 732114 

tf SBC MMF - ECU—. Ecu 374157 

tf SBC MMF ■ Esc Esc 4522 IIM 

tf SBC MMF - FF FF 2508815 

tf SBC MMF • Lll LH 534252600 

rfSBCMMF-Ptas Pfo 3<Sl![)9i» 

tf SBC MMF Schilling AS 31B8*.10 

tf SBC MMF • Sterling C 2818-5* 

tf SBC MMF - SF SF 5BS753 

tf SBC MMF -U5- Dollar S 72006* 

tf SBC MMF - US54II S 308*30 

tf SBC MMF Yen Y 5975082111 

tf SBC Glbt-PIII SF Gclh — — SF 1207 JM 

tf SBC &K6PIII ECU Grth Ecu 130677 

tf SBC G Ib6 Pill USD Grf»l__S 119052 

tf SBC Glbl -PIB SF Yld A SF 112360 

tf 5BC Glbt-PIII SF YhfB, SF C2S27 

tf SBC GtoVPHlEcu Ykl A — Ear 12235* 

tf SbCGUjJ-PtflEcuYltfB Ecu 134862 

tf SBC Criw-Ptf! U5D Yk) 6 — 3 108063 

tf SBC Glbl Pltl USD Yld B S 118860 

tf SBC Glbl-P1H SF Inc A SF 107862 

tf SBC Glbl-Pftl SF Inc B. SF 1II7J3 

d SBC GSX-PtH Ecu Inc A Ecu 11*537 

tf SBC Glbl-Plli Ear inc B— Ecu 11*5.94 
rf SBC GIW-PMl USD Irto A — S 101152 

d SBC GlW-PIfl USD Inc B — S 1B36B4 

tf SBC GIWPtlFDM Growth _DM 10*033 
rf SBC Glbl Pill DM YKJ A/B-DM 10*050 
d SBC Gtol Ptn-DM Inc A/B-DM 1844.7D 
tf SBC Emerging Mortals — S 115267 

tf SBC Small & Mid Cans Sw_SF 5*000 
tf Amerlcavalor — S 3*269 

a Anglovclor i 22bW) I 

tf AsloPortlolKi — 5 **763 

tf Convert Bona Selection SF i(r«.<2 , 

tf D-Mart Bond Selecliaii -DM 1172)7 ; 

tf Dollor Bona Selection S 13731 ! 

d Ecu Bond Selection Ecu 10*53 

tf Florin Band Select km Fl 12167 

d Francevcrtor FF 212355 

tf German la Voter DM 54D67 

d GoldPorllOlio S 3912)4 

tf IhertoValDf Pta *1961210 

tf ItalVntor — — — —Lll 47751BTO 

tf Jopon Part lot to Y 2«93TO 

d Sterling Bond Selection . — 1 11330 

tf Sw. Foreign Band Soteetlon SF 11167 

tf Swlwvokir SF 59450 

tf Universal Band Selection _5F JB50 

rf Universal Fitod SF 11951 

tf Yen Band Selection r 1175250 

TEMPLETON W.WIDE INVESTMENTS 
GROWTH PORTFOLIO 

tf Class A-l — 5 13277 

tfClOSS.A-3 5 1697 

tf Class A- 3 * 1458 

rfClhSS&l S 1238 

tf Class B-2— 5 1668 

INCOME PORTFOLIO 

tf Class A S 9.95 

d Class B — — — — S 9*9 

THORNTON MANAGEMENT LTD 

tf Poclt M Fd SA [ [ 1429 

tf Podl Intrl Fd SA DM. DM 353* 

rf Eastern Crusader Fund 3 1401 

rf Thar. LJttl Dragons Fd Lid J 3958 

tf Tbornlon Orient Inc Fd Ltd* 270* 

tf Thornton Tiger Fd Ud % 5073 

tf Managed Select ton— $ 2237 

ir Jakarta— ... s 1552 


tf Korea. S 146* 

NEW TIGER SEL FUND 

tf Hena Kang - 5 57.1| 

tf Japan 5 1862 

d Philipuines S *357 

rf Thaikuri ..- . x JJ61 

a MglQVSta S 2065 

a Indonesia—. 5 8 *0 

tf USS Liquidity I 1D.1I 

rf emna 5 ii« 

rf Singapore 5 2164 

THORNTON TAIWAN FUND 

fl Equity income S 1249 

tf Eaultv Growth S 1*28) 

tf Liquidity— .5 102B 

UEBERSEEBANK Zurtcft 

d B ■ Fund — SF T7 «a1 

d E ■ Fund SF *6338 

d J - Fund SF 38212 

tf hi- Fund SF 17E699 

rf UBZ Euro-Income Fund SF 10,73 

rf UBZ World Income Fund —Ecu 555E 

rf UBZ GoM Fund S 13190 

rf UBZ Ntoecn Convert SF I2BQ54 

rf Asia Grawtn Convert SFR -SF 111737 

tf Avia Growth Convert USS— S 11*46* 

tf UBZ DM - Bend Fund DM 10*67 

rf UBZ D - Fund DM 7112)8 

rf UBZ Svn» Equity Fund — SF ltS.75 

rf UBZ American Ea Fund — S 98.74 

d UBZS- Bond Fund S 9697 

UNION BANCAIRE ASSET MGT I UBAM) 
INTERKATIONAL NASSAU 

w Anteilnvcsl > 260213 

0 Armlnresl — 1 1)3694 

w Bo cotin 5 115223 

w Beck invest - — S 1 3021)4 

wBraOnuwl— —5 1095.93 

ikCresalnvest — 1 112569 

w Dlnfuheev JS 108522 

WDInveto— 5 27361* 

w Dfatunl Asia i s 110*43 

a DlnueU Inll Fm Inc Sira' — S 957.14 

l» Jog in veil 5 7851 J7 

» Larcgilnvest 5 9*9.99 

«r ManSlrMtsl 5 123167 

nr Marlbwesl — 5 134959 

rr Motflnvret S 370538 

m Moor Invest Cammaled S 1017.28 

i* tuurlnvat Ecu — - — Ecu 178610 

or Pulsar S 202032 

» Pulsar Overtv- — — S 1B8D.7; 

u> Quontlnvest S 2*9164 

ir Quantinvesi 93 5 153 1217 

nr Slein invest S 3019 8* 

wTudinvesl 5 114*57 

wilrsinvest S 44051 

UNION BANCAIRE ASSET MGT (UBAM) 
INTERNATIONAL LUXEMBOURG 

iv UBAM S Band S 11*854 

iv UBAM DEM Bend DM 111351 

w UBAM Emerging Growth — J 1001.77 

w UBAM FPF Bond FF 5*7865 

a UBAM Germany DM 12)250 

iv UBAM Global Bond Ecu 141165 

m UBAM Japan 1 99*9.00 

w UBAM Starling Bond l 95965 

iv UBAM 51h Pad! 6 Asia i 19767 

w UBAMU5 Equities 5 127457 

UNION BANK OF SWITZERLAND/INTRAG 

d Am ca SF 4625 

tf Bond-invesi SF S9.30 

rf Brtl-lnvest SF 145-50 

tf Canoe SF K75 

rf Cenverl-lnvnt SF 1*190 

0 D-Mark-Irtvesl DM 21238 

tf Dollor-lnvesl S 11*31 

tf Eneraie-liivcrt SF 11500 

tf Espac SF 17950 

ff Euril -5F 3*458' 

tf Fotvsa SF 33150 

rf Franclt SF 21750 

tf Germcc SF 2*750 

tf Gtabirve',1 SF 119-DO 

tf Galtf-lrtvcnl SF 27250 

tf Gulden- Invest Fl 27858 

tf Helvellnve'6 SF 104.70' 

tf Hrtiond-lnvesl SF 3322X1 

tf llac 5F 1*850 

rf Jaoan. Invest SF 2*320 

d Pactftc- invest SF 44*60 

tf Sol 1 1 SF 21100' 

J 5kanalncnrien-lnve5l — 5F 2*25D 

a Sterling- Invest c 21262 

0 Swiss Fronc-MvKl SF 211.90 

tf Sima 5F 230TO 

tf SwBsreat SF 187 00 

O UBS America Latina SF llliQ 1 

tf UBS America Latina S Bo.is 

tf UBS Asia Mew Hor iron SF 41 JO 1 

tf UBS Asia New Horizon s *467 

tf UBS StTxrfl C Eurooe SF 10360' 

d UBS Small C. Europe DM 121.70 

tf UBS Pori Inv SFR Inc SF 10950 

tf UBS Fort Inv SFR Cap G— SF 11050 

tf UBS Port Inv Ecu Inc SF 1KJW 

0 UBS Pori Inv Ecu Inc Ecu *2J3 

tf UBS Pori Inv ECU Cap G SF 10570 

tf UBS Pori Inv Ecu Cap G Ecu M59 

tf UBS Port Inv USS Inc S 7433 

tf UBS Part Inv USS inc SF 10525 

tf UBS Port Inv USS Cop G SF 105.70 

d UBS Part inv USS Can G S 7454 

d UBS Port Inv DM Inc SF 99.10 

tf UBS Pan Inv DM Inc — DM 11*60 

tf UBS Port Inv DM Cap G— SF 10080 

tf UBS Port Inv DM Cow G. DM 111 40 

tf Ytn-lnvesl Y C01 1323) 

tf UBS MM Invrvl-USS S 101153 

tf UBS MM lnvcsl-1 SI ( 40865 

tf UBS MM Imrasl-Ecu Ecu 5136* 

tf UBS MM Inval-Yen v 100887.00 

tf UBS MM tnvnl-Lil Lll 103466300 

if UBS MM lnv«t-SFR A SF SOTS. 40 

tf UBS MM Invest SF R T SF S79040 

d UBS MM invest-FF. FF 512730 

tf UBS rJIM Invost-HFL Fl 102252 

tf UBSMMlnuest-CaiS CS 101555 

ft UBS MM Inuesl-BFR. BF 2646780 

d UBS Short Term Inv-D/.l — DW1 55261 


21180 V 
2*250 V 
21262 > 
211.90 v 
23080 
18700 

1 13.70 v 
80. IB y 
91 JO y 
6*67 v 

10260V 

121.70 v 
10950 r 
11050 V 
10200 v 
*2-33 v 
lOSTDv 
6*59 y 
7*33 > 
10535 v 
10570 v 
7454 V 
99.10 y 
11640 V 

1 0000 v 

11140 V 
«01l3i!0v 
101153 
4IBU5 
5136* 
188887.00 
103466300 
5078.40 
S79O60 
512730 
102252 
101555 
2646780 
55261 
I0740v 
15939 v 
103-97 , 
10662 V 

10063 V 
111081 v 
104)5 V 
1180927.60 v 
9*35 V 
11019V 
111.46 V 
11180V 
lISJOv 
115 My 
11532 v 
23752 V 
24394. 
178 J7v 
10073 V 
10317 v 
104.15 v 
99£3 V 
10&J9 V 
10602 r 
1381. 


tf UBS Band inv- Ecu A Ear 107*1 

a UBS Bond Irv-Ecu T Ecu IS93( 

tf UBS Bond Inv-SFP — 5F 10391 

rf UBS Bond Inv-OM DM 10661 

d UBS Band Inv-USS S IttL*: 

tf UBS Bond Inv FF FF 111081 

tf UBS Bond Inv-Can S CS 104 5! 

tf UBS Bond Inv-Lll Lil 1180927 H 

tf UBS B.I-U5S Extra YleM— S 9*- 

tf UBS Fir Term Inv-USS W_S 1101 1 

tf UBS Fi* Term Inv-tSIM— £ 111.61 

d UBSFIv Tetm lmi-5FR**_5F 1113 
tf UBS FU Term Inv-D/.l 96—DM 11SJI 

tf UBS Fix Term Inv Ecu N_Eai 115 * 
tf UBS Fm Term Inv-FF 96— FF 1153 

d UBS Eq Inv- Europe A DM 2375 

tf UBS Eq Irrv-Empc T DA', 2*19, 

tf UBSEqlav-SCCtoUSA S 1207 

tf UBSPartlFUInc(SFP)_SF 1007: 

tf UBS Part I Fl* Inc IDM) — DM 10311 

tf UBS Pari I Fl* Inc lEcul— Ecu ML!! 

tf UBS Port 5 TL Inc (U5S)_J 92 £ 

rf UBS Cap liw 9ft/10 SF R SF 108JI 

tf UBS Cap Jnv-taiO USS » 1060: 

d UBS Cop lnv-90/19 Germ— DM 1381 

HORLDFOMO MUTUAL FUNDS 

tf SDailv Income — -S l.K 

ft DM Dally Income DM 12K 

d S Bond income S 1IJJ 

rf Non -S Bantf* — » 2StC 

d Globol BOBiffc— 1 202* 

rf Global Bolanced S USi 

d Gtotiai Caul I Ik — — 5 16*9 

d US Conservative EauiUes-S l«et 

d US AgrKSIvo Equities S 1L71 

d European Equities S 1185 

tf Pacific Equities. -J 13 *7 

tf Natural Rcwnn 1 835 

YIELD ENHANCEMENT STRATEGISTS 
d Enhanced Tieas. Relums_5 1.11927 


Other Funds 

nr Acilci ptssonce Sica. F F 

w AcIHInance Stcov . % 

n Aaihiiures Ud — . - S 

iv Act Ignlion Siam FF 

nrActh.ni InlT Sfcav . 5 

w Adelaide FF 

m Ad vo need Latin Fd Lid S 

m Advanced Pacific Slral 5 

iv Advanced Strategies Ltd— S 

w AIG Taiwan Fund —5 

ta Anno Immimeni ,.,-S 

«* Aouita Internal tonal Furxt-S 
irArbllin investment . 5 
m Argus Fund Balanced— SF 
* Argus Fund Bond — — J F 

tf Asia Oceania Fund 6 

BASS (Aston) AG DM 

» ASS t Derivative I AG DM 

iv ASS 1 Zeros) AG. —DM 

m Associated Investors inc.— S 

«v Athena Fund Lta 5 

wr ATO Nikkei Fund S 

w Bamal Hedged Growth Fd .5 
w Beckman InlCaPAcC— 3 

m BEM Ink-rmlknrat Ud S 

rf Btkubew-Mor/alEEF— — Ecu 
el BlecmorGlbl Fd (CaymontS 
rf Bleonar C-tobollBohatnos) s 

rf C.C.I.L S 

mCcd Euro Lever Dae Fd LhJ_S 

m Capital Assured Indio Fd S 

tf cb C-ermon Index Fund DM 

mCervtn Growth Fund I 

ta Chilton Inll IBtfll Ltd S 

nr Citadel Llrmlra SF 

d CM USA S 

wCMI Inveslmeni Fund 5 

mOHuntoas Holdings - — -1 

mCcxtcorde Inv Fund —5 

tt Coni 1 vest Actions Inll — BF 

m- Canri.est OWI Beta* CT. — BF 

iv Canniest Obti World DM 

ivConvcrl Fd ItrtT A Certs — S 
nr Convert. Fd inn B Cons — S 

m Crato Di III COP * 

mCmctit Aslan Hedge Ftf — S 

mCRM Fuluies Fund Ltd 3 

w Cumber Inn N.V 1 

tv Curr. Concept 2000 5 

tf D. wmer Vrto Wide Ivt Tsl_S 

RD.G.C 5 

d Dalrm Japan Fimd Y 

tf OB Argwillna Btf Fd s 

tf DBSC . Malin Bond Fund — S 
n> Derivative Asset Allo c ... — s 

d Dreilus America Fund S 

I DVT Per tor mm cc Ft) — —5 
w Eos Over sens Fund Ltd — 5 

mEllle World Fund LM SF 

tf Eml Beta. Ind. Pius A. BF 

tf Eml Bcig. mo. Phis B— BF 
tf Eml France Ind. Plus A — FF 

tf Emi France Ind PlusB FF 

tf Eml Gemi Ind Phis A —DM 

d Eml Germ Ind. Plus B DM 

d Emt iJein. Index Plus A — Fl 
rf Em) lleili. index Plus B — Ft 

d Eml Saaki Ind Plus A Pta 

rf Eml Spain Ind. Plus B Plo 

a Eml UK inde> Phis A 1 

tf Eml UK index Plus B 1 

m Eon (star oilstmie Lid - - 5 
iv Esalr oto inv M Ecu Bd FdEcu 
w Esalr. Slo inv. 5lh Eur Fd-5 

tf Europe 1992 * 

d Europe OMigtdionsr Ecu 

w F.l.T. Fund FF FF 

n FALP. Portltota S 


tr Fairfield Inn Ud — S 

nr Fairfield Sentry Lid S 

or FcrirlttM Strategies Ltd — J 

m Fp*un» Fund — —5 

tfiFirobinJ Dveereas Lid— — -5 

w First Eagle Fund — 5 

» First Ecu Ltd E«i 

m First Frontier Fund 5 

m First inti investment Ltd —5 

tt FL Trust Asia 4 

i» FL Trust SvrlRerlmd SF 

rf Fanditaita J 

iv Fonhii I Monev SF 

it FonliM 2 Devise -SF 

h Fantur 3 - intt Band— 5F 

ir Formula Select ton Ft SF 

m Future General lan LIj 4 

nt GEM Generation Ltd— —3 

m Gemini Cars Lid 5 

mGeira Progressive Frf l.'d—S 
m German Sel A'40Cfcle».— DM 

mGFMC Growth Fund 5 

w Global n Fund Ud 5 -5 

w Globol AibltragrLM SF 

t> Global COP Fd BVI Ltd S 

w Global Fulures Mgf Ltd - 6 

m Global Monetary Fd Ltd— » 

• Gan nord SF 

rf GreenUne France FF 

m Guaranteed CmHal fawn 94 LF 
k Harblnaer Latin Amor 6 

I Haussmann Hints N.V t 

irHB Investments Lfd S 

in Hemisphere Neutral Feb 28* 
tf Heritage CttaGrowihFflUdS 

«■ Heslla Fund 6 

b HMibrtdgr Capital Cora— S 
w HtviMn Fund - - FF 

» Ibex Hokhnos Ltd SF 

i> IFDC Japan F.jna .Y 

0 ILA IGB 5 

0 ILA IGF S 

b ILA INI 1 

17 Ind too Currency Fd Lid S 

r Inl'i Scc-jrllm Fund Ecu 

d Hderlund SA - - — S 

fl Investa Dvrt DM 

II Japan Pod lie Fund S 

m Japan Selection Aires— y 

w Jnxxn Selection Fund -5 

w Kaimor Gtd. Series 2 S 

*» Kenrnar Guarcnferd JS 

mKl Asia Paclllc Fd Lid. 5 

w IU* Globol - A 

d KV.L - II High Yield S 

iv Korea Dt ramie Fund S 

» K01 ea Grovrth Trust S 

m LF Yield & Grawlh Frl_— 3 
11 La Foretie Holdings Lid — S 
mLa Jolla Ini Grlh Fd Ltd — S 
b Latermai: Ottslme Slral— S 

ir Leal Stray S 

hi leu Petlcrmance Frl 1 

i» LF rnlernaltoflol J 

in London For Holla Services— S 

mL PS JidJ H.P.B J 

a l u child S 

mLvn, Sel Holding: 1 — 5F 

» M I MuliFSiralegv S 

tv MKingdon CiM'Jwre, N.V— .5 
in Master Cop 6 Hedge Fd— 5 

a Mallcrlxtrn Ottstxxe Fd 5 

iv MB E Japan Fund LF 

m McGinnis C-tobai 1 Feb 26* -5 
mMCM Ini. Limited 8 

nr Millennium Inter national — 5 

m.*AJM I nlrr national Lid S 

mMomenlum Guild Ud 5 

ta Mullllulurcs FF 

tf Hen ■‘•llllennlum Fut. Ltd — S 

d NeubtBik Debentures 

aiNMf Asian Set. Portfolio -5 

n Noble Partners Inn L id * 

mNSF F.l.T. LM i 

mOcran Sti olrgies Llmllcd— S 
iv Old Ironside Inl'i Ud— — 5 
m Omega Overseas Partners JS 

mCopenheimer U5. Arb. S 

■y Optimal Ellecl Fut LldA_S 
i> Optimal Etied Ful. Ltd B-SF 

laOPtmumi Fund 5 

■y Oracle Fund Lid —5 

mO.ertoak Pertormmce i 

m Pacll Rl.'.UrpP BVI Mor 285 
mPon FHefl Inc Fd (Jon 311-5 

niPAN Inter naltonal Lid i 

ta Pancurri Inc S 

1* Panda Fund Pic S 

m Paapioes Olfshare (Feb S 

m Par op on Fund Limited —5 

m Parotids Fund Ltd — S 

mPOOJOl Inll FiXld S 

iv Pharma. Whcolth S 

or Phirtoesltor Pturttarex— FF 
iv Plurlgcsltoti Plurlvoleur— FF 

nr Pivrlvest Sirav — FF 

m Pomtor Overseas Ud S 

a i PcrtuBvese Sami tor. Co 5 

aiPrmu Bond Plus Fd Ud — 1 

m Prime Capital Fund Lid S 

mPrtnciUulli-irr.esI 5 

/nPrtmea Fund _S 

d Prollrenl 5A —DM 

w Pyramid Inv Fd Corp — » 

rf RAD Int. Inv. Fd —5 

tf Renal Inll Fund Lid —5 

r Rtc Inavcst Fund A — l 

1 Rlc Inovesi Fund B S 

tt RlrJicourl Bellnav Inc 5 

tr RM Futures Fund Sicou S 

nr Sailor's Inll Equity Ecu 

iv Sailor's Inll Fixed— Ecu 
rf Sanyo Kle. Spain Fd— 5 

tf Saratreek Holding fl.V S 

iv Saturn Fund — S 

m Savoy Fund ud 1 

mSC Fundom. Val BVI Lid— I 
rf SCI / Terh. SA LunembourgS 

m Sdmllar Guar. Curr Fd 3 

m Scimitar Gumanlecd Fd — S 
mSclecIa Global Hedge Fd — 5 

d Sdeclive Ful. Pill Ud. » 

m Setnad&s _S 

iv Sinclair Mgltlhmd Lid S 

.y S.N3 Global (609)921-4595 — S 
r/ Smllh Baraev Wrfdvtd SeC.S 
w Smith Earner Wrldwd Spec S 
iv SP internal tonal SAASh— I 
» SP Intornalional SA B Sh — S 

m Solril Hedge Hid — S 

mSmrll Neulrol Hid— S 
■* Stanley Puss Fulurec Fund FF 
ta Slemhordl O'seas Fd Ud — S 
w Slenfliardl Pcoiiy Trusl . — » 

n: binder Fund 5 

mStroint Ollshare Ltd. 5 

d Sense I Glbbol 111 Lid S 

rf Sunset Global One — S 

1 it Sieve. Me Gar r — i 

m Tcs Currency S 

iv Techno Growth Fund SF 

O fehipirlni Glutol Inc — —5 

m The Bndgc Fund N.V — S 

m The Geo -Global onshore — S 
d Tire Instil Mutli Advisors — J 
m The J Fund B.v.f Lid — * 
w The Jcauar Fund N.V. S 

tf The Lolln Equities Fd 5 

tf The M'P’R’5 Fd Sicav A — s 
rf The M'A‘P’5 Fd Sicav L— DM 

m The Sercnelm Fd Lid » 

m The Smart Bond Lid — SF 

iv Thema .'A-//. Firlines S 

rn 1 toer Setec Hold NV Bld^-5 
6 TIIC 1OTC1 Jop Fd Sicav— 6 
b Tokyo iOTC) FundSIcmr—S 

» Trans G tot al Invl Ud S 

tf Transpacific Fund — Y 

nr Trinilv Fuluii-s FdLId 5 

mlnumph I. — , — 4 

m Triumph II 5 

m Triumph III S 

m Triumph IV S 

tf Tuiquoi * Fund S 

m T >veedv Browne inti n.v— 5 
w Tweedy Browne av, Cl A^-S 

w T weedy Bromic n.v. Cl B S 

tf UbaFulures — FF 

rf UbaFulures Dollar S 

/ Ullima Grawlh FdLIrl 5 

d Umbrella Debt Fund Lid » 

tf Umbrella Fund LW 5 

nr Uni Band Fund— Ecu 
nr Uni Capitol AJIemaoito —DM 


tv Uni-Global StCtfr DEM. 

w Unl-Gtobal Sicav ECU 

b Unl-GIntaS Starv FRF _ 

w Uni Global Slaw FS 

n Uni-Global Sicav USD„ 

tf Unlca Equity Fund 

rf Unlcoinv. Fund — , 

m Unitrades CHF 

m Unit r ados, CHF Reg 

(jlUnllradei FRF 

mumirodn U5D. — ___ 

irUrsus tnil Lid 

mVolbonne — 

oiVkJor Futures Fund 


iv Vulture i-hi- -s 

mlTtfles Wilder Inll Fd -S 

ir Wilier Japan __Y 

& wmer South Easl Asto— 5 

u wiitowbrtdge inll CFM i 

d Win Global Fd Bd. PIB -Ecu 

d Win Global Fd Ea. Pill Ecu 

tf 'Win Globol Fd Pas Ptll SF 

rf world Balanced Fund SA^S 

mV/erldoWr Umlled * 

w WFG F arbor C^seas Part 5 

mffii Capital Grth Fd Lid— 5 

mYaunq 5F 

m Zephyr Hedge Fund -S 

mZ-.-.elg inll Ud — t 


For 

investment 

information 

Read 

the MONEY REPORT 
every Saturday 
in the IHT 


km’ 1^7* 

1350-4 I » 7 

,5S ? i . i" 


167-15] 

(931.71 
1.U5I 
13 sa 

159984. ]U- 

1052061k , I 
13*083 5UU 
97633 

ru I* 

97231 ■ nut 
58864a. (J | 

iSro ires 
iJfejs 1 ■ by 

llf.09 

737i 

23967- ven- 
12577.10 

T 3861 34 xorl 

259.11* IK\ 1 
2331089 

IL54' tODB 

10J0- ^1-P 

10159 
3261 

•mo bn sl 
8*80 f ®i 

260JI I 1 
63>l I, -I 
22651 \t ® = 

"is« i-rdeg 

iT.s* 432; 

9*32.00 fi_ c _| 
686.9? [lass| 
217670 i f 
35.70 ! ’ 

1001*3 ; all 

1*52)7 ?(■ 

17761 flingp 
10882)] 

12)643 , “*1 
1 K.99 U l DStsP 

,3 EE ton-' 
iiSS Air* 

15953 'emi. 
12192)2 1 ! 

1868 \ 

10000 r 

152*550 * 

rouro 

12*3.16 

339J* 

14.19 * 

111.99 •'• 

*784 

*305 i 

105*35 

1296210 

J 27J9 

146^ 

?ao w fM|S 
10*38 E fg jg 

lOJM MU 

’idjo m 

f-xM ■ 3mm* 
2TO3^ 

6I5B 

ixiro 

17CW528 

9434 

2W43I 


5 

5 

122.1! 

1922)* 

Ecu 

23*4.1* 

DM 

36*581 

Ecu 

15*4 JO 

DM 

12*11! 

Ecu 

127822 

FF 

65275! 

5F 

119*48 

5 

114258 

DM 

71.0* 

DM 

6*81 

SF 

132309 

SF 

1149*9 

FF 

1-OI1.16 

S 

121JJ6 

5 

340180 

Ecu 

148.97 

5 

230J* 

S 

1 1.003? 

5 

2777.77 

S 

9*959 


For information on how to list your fund, fax Simon OSBORN at (33-1) 46 37 21 33. 


\'il ■- 


The conference program 
will highlight the investment 
opportunities in 
Latin America following the 
region’s economic revival. 


Latin America 

A New Investment Partner 


LONDON • JUNE 9 - 10 . 1994 


Jlcralb^Eribunc 



htVHOVMEKI IUNX 


FOR FARTHER 
INFORMATION ON THE 
CONFERENCE: 

Brenda Ila^eiiy 
Inlemaliomii Herald Tribune 
63 Long Acre, l^mlon VVC21i w.ll-1, England 
Tel: <44 71)836 4802 
Fax: <44 71 ) 8.3ft 0717 

































































































EUROPE ml- 


Metallgesellschafl Shares 
as Loss Narrows 


By Brandon Mitchener 

International Herald Tnhune 
J^NKFU r T - Despite lin- 
genng doubts abouL ns top man- 
agement. shares in MetaOzeseU^ 
cWt AG rose Wednesday 
fonowmg a repon that initial re- 
structuring efforts are cutting the 
industrial conglomerate's losses 

MetallgesellschaiYs shares rose 4 
Percent, or 1 130 Deutsche marks a 
f*"*. 10 DM. in Frankfun. 
Karl-Josef Neukirchen. the compa- 
ny s caretaker chairman, told 
shareholders that the company's 
operating loss in the first rive 
months of the current financial 
year “improved to" 50 million DM 
($30 million) from an 80.2 million 
DM shortfall in the same period a 
year ago. 

Excluding its troubled Metallge- 
sellschaft Corp. subsidiary in New ' 
York, the company achieved a pre- 
tax profit of 55 million DM in the 
five-month period, he said, calling 
the interim results the first signs of 


S^t progress" in the company's 
restructuring. 

Metallgesellschafl was driven to 
the brink of bankruptcy late last 
year when MetnUgesellschaftCorp. 
was forced to abandon oil hedging 
positions at a loss of 13 billion 
DM. A management purge has 
since claimed the careers of more 
than 30 former top executives of 
the German company and its sub- 
sidiaries. 

But analysts said the relative at- 
traction of Metallgesellschafl stock 
has increased substantially since it 
fell from a high or 435 DM a share 
Iasi November as would-be inves- 
tors overcame their fear of after- 
shocks from the crisis, which ended 
with a bank bailout. 

“The point now is whether or not 
you believe Mr. Neukirchen and 
his boys can engineer a turn- 
around," said Peter Dupont, a Eu- 
ropean- metal working-industry an- 
alyst at UBS Phillips & Drew in 
London. “The rest is an inquisition 


that won't directly affect the share 
price." he said, referring lo wide- 
spread dissatisfaction among 
shareholders with management's 
handling of the crisis. 

At the company's annual meet- 
ing Wednesday, shareholders 
heaped scorn on Chairman Ron- 
aldo Schmitz and other members of 
the supervisory board. 

Jocheu Kntisel. who claimed to 
represent a group or small share- 
holders, demanded that the super- 
visory board's compensation not 
only be delayed pending the out- 
come of an internal investigation 
but that it be scratched altogether. 

Frankfurt prosecutors, mean- 
while. announced that they had be- 
gun an investigation of fraud in- 
volving Hans-wemer No I ting and 
Heinrich Gdtz, the only two mem- 
bers of the former MeulJgesdls- 
chaft management board who were 
not fired in December along with 
Heinz Schimmeihusch. the former 
chairman. 


Paris Fires Haberer From Credit National 


E 


Compiled fry Our Stuff From Dispatcher 

PARIS — The government on Wednesday an- 
nounced it was removing Jean- Yves Haberer. former 
resident of the loss-ridden state-owned bank Credit 
.yonnais, as chairman of the smaller Credit National. 
Finance Minister Edmond Alphandery said his sug- 
gestion that Mr. Haberer be removed bad been ap- 
proved at a cabinet meeting. A Finance Ministry 
source said Tuesday that Mr. Haberer was about to be 
dismissed from the post he had held since November. 
Credit National is a much smaller stale-controlled 
financial institution than Credit Lyonnais. 

Mr. Alphandery also said there would be an inquiry 
into how Credit Lyonnais, which had a loss of 6.9 
billion francs ($1.2 billion) last year, had been man- 
aged. Mr. Haberer. who becime'its chairman in 1988. 


called for such an inquiry Tuesday, saying the former 
Socialist government had pressured him to “support 
important sectors of the economy" even if that meant 
running up large losses. 

Nicolas Sarkozy, France's budget minister and gov- 
ernment spokesman, said that "management mis- 
takes" had been made while Mr. Haberer was chair- 
man of Credit Lyonnais. 

The Socialist government was succeeded by the 
current conservative government after elections a year 
ago. A conservative political leader. Bernard Pons, 
said Wednesday that although "officially" the net 
consolidated loss for 1993 was 6.9 billion francs. 
Credit Lyonnais's true 1993 deficit "might be more 
than 20 billion francs." 

(AFP. AFX) 


Trading Helps 
Deutsche Bank 

Compiled h\ Our Staff Fmm Dispatches 

FRANKFURT — Operat- 
ing profit at Deutsche Bank 
AG rose 16 percent last year, 
sources said Wednesday. ' 

They said profit was 5.27 bil- 
lion Deutsche marks (S3 bil- 
lion), 2 billion of which came 
from trading income. The prof- 
it does not include a 3J29 billion 
DM provision for bad or 
doubtful loans. 

The bank refused to com- 
ment on the figures before 
their official release Thursday. 

(AFX, Reiners ) 


Eurobonds Fade 
In Latin America ; 
No Relief in Sight 


Reuters 

LONDON — Prices of Latin 
American and other emerging- 
market Eurobonds have sunk so 
dramatically in the past few 
weeks that traders are renaming 
them submerging markets, and 
chances of near-term recovery- 
look slim. 

Spiraling U.S. interest rates 
and volatile European bond 
markets have driven all but the 
most hardy of Eurobond issuers 
away from the fixed-income 
markets. 

High-yielding bonds have 
suffered even more from inves- 
tor jitters. They were shaken by 
the 'assassination last week of 
the leading Mexican presiden- 
tial candidate. Luis Donaldo 
Colosio. 

Mexico is considered a 
benchmark market for emerg- 
ing-country debt. 

“There are a lot of people 
who are in quite a lot of pain — 
traders have been long on Bra- 
dy bonds for the past three 
years," said one emerging mar- 
ket source from a European 
bank. He was referring to bonds 
issued under debt-rescheduling 
accords with creditors that fol- 
lowed a relief plan suggested in 
1989 by Nicholas Brady, the 
former U.S. Treasury secretary. 

Eurobond prices have con- 
tinued to fall this week, with 
little good news to fuel an up- 
turn. 

Argentina's $1.0 billion 10- 
year global bond was quoted at 
89 against a 99.368 issue price. 

Mexico's BNCE $1.0 billion 


10-year global bond was trad- 
ing Tuesday at 85.875. down 
from a 99.516 bunch price. 

Emerging-market Eurobonds 
looked tike they could run and 
run in the second half of last 
year, but this year the market 
looks like it's losing steam. 

The total volume of new Lat- 
in American bond issues 
dropped to $3.20 billion in the 
first quarter, from $6.25 billion 
in the last quarter of 1993. 

Traders recite a litany of 
planned emerging-market 
bonds that borrowers have 
postponed. 

These include global dollar 
bonds for Turkey and the Na- 
tional Bank of Hungary, a Eur- 
oyen issue for the Republic of 
Argentina and a dollar bond for 
rhe Industrial Development 
Bank of India. Global issues are 
sold in many jurisdictions, 
while Euro issues are sold im he 
offshore Euromarkets. 

Latest to join the club was 
the Brazilian oil company Pe- 
Lrobras. which says it wiU’post- 
pone a planned mark issue. 

Floating-rate notes and deals 
maturing in 1995 are the only- 
sectors to have held their own. 
traders said. "There is an accep- 
tance of floaters." said one. But 
he added that notes from Mexi- 
can borrowers would still fail to 
attract investors. 

Syndicate managers say they 
hope the end of the Easter 
break and the close of the Japa- 
nese financial year will bring 
investors back into the market! 


Bundesbank 
Lets Bate 
Slip Lower 

Compiled h Our Staff Fnen Dispatches 

FRANKFURT — The Bundes- 
bank sanctioned a marginal cut 
Wednesday in a key money market 
interest rate, affirming its' gradual 
approach to reducing the cost of 
credit in Germany. 

But economists said the central 
bank may wait until late April for 
more money supply or inflation 
data before cutting the discount 
rate. 

The Bundesbank's weekly secu- 
rities repurchase agreement, or 
repo rate, which sets the trend for 
money-market i merest rales, fell to 
a low of 5.76 percent from 5.8 per- 
cent last week. The central rank 
engineered the drop by making 
available a total of 65.9 billion 
Deutsche marks ($393 billion) to 
commercial banks in replacement 
of a facility of 67.1 billion DM. 

The Belgian central bank also 
announced Wednesday that it had 
trimmed two key money market 
rates. Its central rale was clipped to 
6.05 from 6.15 percent after the 
announcement by the Bundesbank. 

Economists said the new cut in 
the repo rate proved the Bundes- 
bank was not letting worrisome 
money-supply growth stand in the 
way of credit easing. The M-3 mon- 
ey supply for February released 
last Thursday grew at an annua- 
lized rate of 1 7.6 percent, far above 
the Bundesbank's 1994 growth tar- 
get or 4 to 6 percent, but slower 
than 21.2 percent in January . 

“Twenty-four basis points in the 

last month — it's quite aggressive. 

and it's a sign that the Bundesbank 
will continue to ease despite the 
sharp increase in M-3." said Taka- 
hide Kiuchi. an economist at Nomu- 
ra Research in Frankfun. The repo 
rate has come down from 6 percent 
in Februarv (Rouen. AFP) 


Investor’s Europe 


Frankfurt 
DAX - 


Lgfmkm 



QAC40' 

'■m 



: 1993 ' \tt84 tote 1994 v :t itei 


6t^angs - 

Amsterdam 

tfitfBJC- V 

■ ABC ■: 

"■■■ Wednesday^hv: . : 
f -Caose .Ckjse^ Change 

1 : -w.ri ' :':dKk$ay £ . 

.Brus«6Is 

■ ■ Siodt lndex . : 

7v589-72 . ' : -j ‘A» 

rtankfim • 

DAX-X .. 

2it4T^".--Al6M5: 

FrimKfvrt 

■ FAZ- .. ,• 

B17.7B . •'.'-B87.W- -1.19 

He^Infcf 

HEX -V 

. .ijf&rr: K wi < 30 ■ -2.24 

London 

■ : F%ianciaf rutieaSCf 2,445£G 2.470,10 -t.00 | 

London 

* Frsetoo 

..3.12S.40 . -0.09 

Hfadrld . • 

Genera Index . ■ 

'320^8 ., ".325^0..- -1^3 

Milan 



Paris 

CAC 40 ■ • 

‘. Zft&jN ' 2,123^44 -1.86 

Stockholm 

Affiaersyaertden - 

• 1,73057 •. 1,736.75. -0-36 

Vienna 

Stock index 

471*25 47065. .1.13 

Zurich - - 

■ S8S 

99964 993.01 ^7 

Sources: Reuters, AFP 

hmtnDoral t IcnM Tnhum- 


nster- 

•1300 

about 
; fares 
icaby 

seven 
■k for 
.625), 

inst 
6.412| 

sing 

loot 



Con-j 
i Airjj 
room! 


Very briefly: 


Italy’s Markets Cheered by Signs of an End to Chaos 


Compiled hy Our Staff Fmm Dispatches 

MJLAN — Investors returned to Italian 
markets in force Wednesday, betting that the 
rightist coalition, led by Silvio Berlusconi, 
would be able to capitalize on its election 
victory and rapidly form a cohesive govern- 
ment. 

The Milan bourse's Mibtel index dosed 
16 percent higher and the lira and bond 
market chalked up healthy gains os confi- 
dence grew that the political chaos in Italy 
was coming to an end. 

Shares had shed 2 percent Tuesday in the 
wake of the rightist coalition’s sweeping vic- 
tory amid fears the three main parties within 
the coalition would struggle to work together. 


But since the vote. Mr. Berlusconi and his 
disparate Freedom Alliance have looked 
willing to compromise in order to hold onto 
power. 

Mr. Berlusconi, who heads the fra-marke! 
Forza Italia party, on Wednesday met the 
combative leader of the federalist Northern 
League, Umberto Bossi- 

After the meeting, news of which came out 
after the markets had dosed. Mr. Berlusconi 
said he thought Mr. Bossi had dropped his 
longstanding objections to having him as 
prime minister. 

During the election campaign. Mr. Bossi 
poured scorn on his political allies but has 
now softened his stance. "If all goes well then 


we should be able to form a government 
rapidly," he was quoted as saying after his 
meeting with Mr. Berlusconi. 

"Bossi's bark i& worse than his bite." a 
Milan-based analyst said "The League has 
shown in the past ir can compromise and I'm 
sure it'll do it again." 

Gains were chalked up across the board on 
the Milan bourse, with insurance stocks es- 
pecially brighL Dealers said the sector had 
been fearful a victory by the left would have 
exposed them to more taxes on their assets, 
while the rightists* win should lead to active 
state encouragement for private pension 
funds. 

Among major shares. Assicurazioni Gen- 


erali SpA ended 1.800 lire higher at 40.950 
($25). Fiat SpA rose 140 to 5.3% and Medio- 
banca SpA rose 351 to 15.950. 

Olivetti SpA fell 68 to 2370. peeling bock 
the gain made Tuesday after it was awarded 
a license lo run Italy's second cellular phone 
system. The shares are still up more than 30 
percent since the start of the year. 

Among other telecommunication shares. 
Sorieti Finanziaria Telefonica ended 150 
higher at 5300 while SIP Societa Italians per 
L’EsercizioTdecommunicazioni rose 132 to 
4,612. 

But analysts warned ibai the Italian mar- 
kets had not yet embarked on a sustained 
rally. (Reuters. Bfamtherg) 


• Fortis BV. the Dutch- Belgian banking and insurance company, said it 
was about to agree to the sale of its 50 percent stake in Delta Capital NV 
to AGF Inter nati onal SA, Delta's other shareholder. Delia own* 563 
percent of Assobel-Leven NV. one of Belgium's largest insurers. 

• Lithuania decided to peg its currency to the dollar in a bid to attract 
more foreign investment and paw the way to full convertibility. 

■ VNU BV. the Dutch mass-circulation publisher, set the price of 3.1 
million new shares issued to finance the takeover of Billboard magazines 
publisher at 169 guilders ($90.18) each. 

• Harmons & CrosfieM PLC the British- based conglomerate, said pretax 
profit rose 15 percent, to £85 million ($126.6 million), in 1 993 and was 
boosted by upturns for British construction and UJS. chemicals. 

• Coca-Cola Amatil Ltd. of Australia said it signed an agreement to 
acquire a 75 percent shareholding m the company that owns the compa- 
ny's franchise in Slovenia. 

• GKN PLC. the British engineering company, said it has lifted its 45 
percent stoke in Westland Groqt a maker of helicopters, to 50.03 percent 
after raising its offer to 335 pence per share from an original hid of 290 

pence. AFP. Bloomheqt. AFX. Rnitvr\ 


Banking Hurts AGF Profit 


OunpiM M Otir Staff From Dvputches 
PARIS — Assurances Generates 
de France, the state-owned insur- 
ance company that is set to be pri- 
vatized soon.' said Wednesday its 
net profit for 1993 fell 35 percent 
from the previous year because of 
losses in its banking operations. 

AGF earned 977 million francs 
($170 million) in 1993. down from 
1.495 billion francs a year ago. The 
total included a Z52 billion franc 
loss from banking divisions, includ- 
ing a loss of 1.398 billion at its 


Banque du Phenix subsidiary. The 
other hanking losses caine from 
Comptoir des Entrepreneurs, which 
is 29.7 percent owned by AGF. 

AGF said it expected a recovery- 
in banking activities in 1994. which 
should improve profits. The com- 
pany also said it would receive 
about 600 million francs in com- 
pensation from the French govern- 
ment for its role in the financial 
restructuring of Comptoir des En- 
trepreneurs. 

(AFX Reitwrst 


incluc 

jhiero 


NYSE 

Wednesday's Clowlny •• 

Tables Include the nationwide prices up to 
the closing on Wall Street and do not reflect 
late trades elsewhere. Via The Associated Press 


>3 Month 
Hien Low sock 


(Continued) 


Si 

CWV YJfl PE 100s 


Hlah Ln» Latest Ch' w 


« |3 P 

n \t w 

E B H 

3SJ 

J 3 it - 

■S3JJ 


as => 


ivi 


«! 
i t 


1 


ii:l 


is 


M 


rx 


2B 


i 1 r- 

\h =:••: 

a*« 


as 


Ifji L,-, 
ii'! l?;4j 
nr. u i 

y 


r-sii 


3‘o M 


“K ?» !s fi* 

.8 ,? «a 

JA M 33 


High Law Stock 


hmi Low Lam Or bo 


fed? 



Si 


i*i Timm pi 

&JSSUF 

. Jstsss 


¥ 


aa ft 




piisr- 


•t 


m 

uuniai. -3N 

£ $! &3T. 

T#> t5*g IOi» —V, 


n H 


jfi 17^4 1 Vl 


■ I*. 

Si 


Hlah Lo* Stock 


DM Via PE lOtK HHtfi LOWLnimQi Be 


‘l.tf 


»?a 


?3 


i7;» ti> •>* 

i’z p fc: zi; 
S’* % k‘ 

•is i V! 


I J ip 

gl. _ r _ 

I? L ft =5 


ft 


ft 


4 


■si 

is:; 


S -G 





4 


L-wusy-a «J!a— 

i. tfe ¥i =; : 

[3%o.a'--S^; — ‘,5 

. J£ t 1 I 1 ! 
« ¥ \ ■ 


Si ^ 

IS 


,D & B-! fc ^ 

i t | 

, 1I5S3 li 1 1? 5 IS. ' ~! f 

a Sr &■_ a a 1 * 


p « 


5^ 


■a 


” 1 I P ^ 

* f-a fly fa Ji 

IS IS): Ift ij:* ; 

i&S 

'4 if*!; - ’ * 

Mm 


intfi 

it s» 





RENAULT: Partner Stitt Sought ARGENTINE: Stock Chief Fired — 


Continued from Page 9 
proposal from FiaL which gave the 
French government 250 days to 
make a deal. The government de- 
nied the repon. and analysts said 
that while Fiat's truck subsidiary. 
Iveco. might make a good partner 
for Renault's RVT truck business, 
there would be little to gain in 
bringing the two companies' car 
operations together. 

Mr. Lawson suggested that a link 
with MAN NutzTahrzeuge GmbH 
of Germany would make “a better 
fit" with Renault, in terras of both 
product offerings and geographic 
markets. The German truck maker 
has no stake in the American mar- 
ket, where RVI is represented by its 
Mack Trucks Inc. subsidiary. 

While RVI appears to be making 
a comeback, analysis say it will 
have a difficult time surviving the 
next cyclical downturn in the truck 
industry and therefore needs to 
look for a partner. 

Some people, however, are ques- 
tioning the French government's 


position that the search for a part- 
ner is what is delaying Renault's 
planned privatization. They sug- 
gest the move reflects its fear that a 
sale of Renault, considered a social 
icon by some in France, could 
spark yet another headline-grab- 
bing labor conflict that could fur- 
ther hurt Prime Minister Edouard 
Bahadur's popularity. 

■ Canal Phis Profit Rises 

The French pay- television com- 
pany Canal Plus SA said its net 
profit rose 8.9 percent, to 1.2 bil- 
lion francs, in 1993 from l.l billion 
francs a year earlier. Bloomberg 
Business News reported. 

Operating profit, excluding fi- 
nancial charges and one-time 
items, fell 23 percent, to 1.65 bil- 
lion francs. 

Canal Plus said that in light of 
the weak economy, it was making 
conservative forecasts for subscrip- 
tion growth inside and outside 
France this year. 


Continued from Page 9 

undersecretary for investment and 
finance and the former head of Lat- 
in American operations for the ac- 
counting firm of Coopers & Ly- 
brand, to head the CNV. which is 
the Spanish acronym for the Na- 
tional Securities Commission. 

In a news conference. Mr. Re- 
d ratio refused to criticize Mr. Ca- 
vallo. saying only that he refused to 
resign under pressure in an attempt 
to preserve the independence of the 
regulatory body. 

“We should put this episode be- 
hind us." Mr. Redrado said. 

Mr. Redrado's removal from of- 
fice had little impact on the Buenos 
Aires Slock Exchange, which was 
virtually unchanged Tuesday. 

“A lot of people will be sorry to 
see Martin leave because, despite 
his insistence on having too high a 
profile, he did things no other regu- 
lator before him had done.” said a 
Buenos Aires brokerage chief who 
insisted on anonymity. “But you 


knew one day he would be pushed 
out by Cavallo." 

Analysts said they did not expect 
Mr. Redrado's departure to affect 
the markets further, since Mr. Har- 
teneck has vast market and ac- 
counting experience and is expect- 
ed to be a lough, though low- 
profile. regulator. 

To be sure, in this country where 
the push and shove of politics are 
always close to the surface. Mr. 
Cavallo had made it no .secret he 
wanted Mr. Redrado out of his job. 

Their enmity dates back moiy 
than two years, when Mr. Redrado 
publicly criticized a plan by Mr. 
Cavallo to establish a government 
investment fund that would huv 
and sell stocks to provide stabiiitx 
in the market. The plan was never 
put in place. 

Government officials said Mr. 
Redrado's penchant for the lime- 
light. his dose relations with the 
press and his independence from 
Mr. Cavallo's economic team infu- 
riated the economy minister. 


Art, te 
ondays 
Age t 
scape 
jortrali 
salnter 
Uso, t 
drlch t 
Jentur 
the Os 
Wintei 
s palrr 
cludin 
lasy t 
Des b 
ny Ca 

an At 
d Mot 


J 

Pemu 
:and1 
Dtemer 
two me 
s wort 
tftl ar 


CURRENCY AND CAPITAL MARKET SERVICES 


pi 

* "* 


Currency Management Qdrpo ration Plc 

Winchester Bouse. T’ London Wall - London FX2M 5ND 
TeL: 071-5*2 9745 Fas 071-382 ^*7 


FOREIGN EXCHANGE & GOED 


24 Hour London Dealing Desk 
Competitive Rates & Daily Fax Sheet 
Cull fur further tiifttrnitt/iiui C- hnn/uttx 1 



European 

PRICEBUSTER 

jj C all Anyti me 


O LIVED* F»cm 510/g** Q 

Q EOD Data lor S 5/Day Q 
O 130+ Software Applications O 
Cau Signal 

On London <M * 7f 231 3556 


FINTECH ASSET MANAGEMENT LTD.: 

14 High Street, Windsor, England SL4 1LD 

PROFESSIONAL CURRENCY MANAGERS 
Highly Rated Computer Based Technical Service 
* Currency Fund Management (S FA Members) 

Corporate Advisory Services * I £ tear Audited Track Record 

Call: Donald Lewis or Philip Jones Td : (44) 753 B42022 Fay. (-U) 753 833229 


v' Competitive' Prices 
Daily Fox Service 

TE107J-93J 9188 FAX 071-931 7114 

SOVEREIGN i FOREX'; LTD 




74 H I FOREIGN EXCHANGE 


•Attention Futures Traders- 


US $29 OR IfESS ROUND TURN 

‘ Puua: Omen Toll Frzx WoxloWzik: - £5,000 Mnmoti Account 
* Dnc om rr ro» Volume Tmihjio • Thee Opote Seurat Orm 
■ Pun Much MOKClll Tex ddiili an Bow te C+t Mat Profit Pm Tad» erf 
on fdtaaabtUa loo, vrzita, phana oz tax: 
rnuofcuu. Tu»an Citoor »jl. Hotmcx Hoss£, 23 Sr Stbido Ciczn), 
DdhqC 2, IUOJUD Txz +153 1€ 7S6D96 Fix + 353 IS 76B123 


Duff Forecasts and Market Myths for 1994 

The US dolicr wil' soa/; deflallgn will continue; gold S moit co, r nmod,tfei 
won I rise; Japan s economy A stock maiket will be weak ' You did 
NOT teed that In FulictMoney ■ the Iconoclastic Investment lotlef. 

Co i -tyiO Pfi.iiipj lor o icrrp.'e isue Conco cniy) o' Cnor Ano'yj't ilc, 

7 Swa. ow S’lost Lor.Ccn WiS 7'HD. li< Tel London 1 \ -439 

;C 7 I in UK) or rex 7 ]-dJ 5 d 966 o riVSM W'-nSor 


Consistent profits in futures are possiblel ^jj 

Learn how to spernlaie like a professional in 
international futures markets 

Call Jor Jh> v In fo: 

r Gerling ft Cie., 4. rue Pasteur. 7501 1 Paris. France 
Tel.: 33-1-43 ft6 01 12 -Fax: 33-1-43 86 01 43 



LONDON & GLOBAL 
FOREIGN EXCHANGE PLC 

PWMIEP SPECULATION SERVICE 
QUC'TE UP TO 100 MILLION USS 
Top floor. Comeo House. 1 1 Bear Street London WC2H 7AS 
Tel I071J 839 0161 Fcx 1071)839 2^14 


The real-time information sy 
preferred by Institutions ana 


stem 

now 


available lo traders at home. Unrivaled coverage at an unrivaled 

R rice. Futures • Options • FX • Energy • Commodities * Metals • 
lews • Full Charting & Technical Analysis from our Worldwide 
coverage - available via Satellite through Europe. 

Calf FulureSource Te!.: +44 71 -867 8867 Fax: +44 71 -867 1 364 


-FOREX -METALS -BONDS -SOFTS 

v t> \ Objective analysis for professional investors 

( 44 ) 962 879764 

L- x .-v Fiennes House, 32 Southaate Street. Winchester 

r V: , . n Hants SQ23 9EH UK Fax (44) 424 774067 


For further details on boiv lo place your listing contact: PATRICK FALCONER In London 
TeL: (44) ’/ 836 48 02 - Fax : (44) ” 1 240 2254 

Hcralo aS ij^enbunc 







■ £ Page 14 




NASDAQ 



Wednesday's Prices 

NA^pAO prices as of-3 pjti. New Ymk rime. 
]nis list compiled by the AP, constats of the 1,000 
mos * traded securibea ki terms ot dollar value, ft is 
updated twice a year. 


. 

**s 


ijMmtn 

HkJh Low Stock 


Sh 


Dfv YW PE lOfc Hm LowLotetarge 


» ir^ 1 ^ ; ,» ,as 
■ iso " “ 

IVBi&jpA 

2J%IS%AE§3>5 661 

44% 14 AGCO JM 
St Z4ft AGCQ pf 1J3 
»'*! 6% ASK 


,>0e 

.12 

IA9e 

.10e 


148 


M 


33 12 V* AST 

7?li 17 AbbevH 

HJ' 1 lOWAdaim* 

30% 9 Add 
24% T4%Acxlorn 
'15% 2. AdocLb *S8 
32% 9'/. Aoactc s 
■M 12'AA€Jkig1n 
37 li>.. Adobes s JO 

17 BWAth/Gr 
12% B AavPro 
1BW1S AdvTLb 
11* , 6'/,AdvTis3 
46*i 23V,Advanla 5 JO 
3fl% Mi.ArNantBs J4 

IS 7%aSE5r 

19! &£2S£« 

5?ft 38ft Akzo 

litili Abort' 

18% 9'/>AMihi5 

34% U'/> Aldus 
78% 73 AterBkl 
U 7W AHanPn 
19W 14% AIOCODC 
34% 11% AlldCI 
33%2l%ABdGBS 
20% 13 Alitrisia 
241, B'S Alpha) 

35% 17>*> AlphaBta 
38% 14% Altera 
24"i 5 A/trOrt 5 
92 UWAmerOn .01 
30*4 22W ABnhr 48 
33 ll'AACctrids. J4 

13 B'/i AntFB .20 
70% 13%AmFral S 

34' j 2S'/» AGrttH 5 40 

24 1 : 10% Ahftttiep S 
73% 141, AMS 
2P.1 S'. 1 ; AMobilC 
6JW4B ANJI ns 3 JO 

2B**i 1 1 AmPaC 
JO 1 -: 17*. APwrCv s 
23% 14 AmReud 
22'A 9Vj ASwFL S 
8% 5%A5ail 42 

14 4 ASludlo .09 

19% 19 AmSUDT 

47% 25'A Arrtened 40 
2eW 16ft Amtcd JO 
52 31 Amgen 

33’. 16% AmtcCp 4 JM 
22% 14V : Amin* 

Uft- 9%Amwv?sl4 
JS% 7% Amvtln 
14 : Uft AncnB-ip 
7t'j 19'.j AiKBWio .24 
34% 13 AnTo# 4 
30'* i IB 1 -* AMCC 
59% 22 APPleC .48 
77", IHbAPiSOUS 02 
25 BftAplebecS 44 
7% 3l«ABi0SCi4 
25% 7Vj Apdlmu 
57 18% AddMI 4 

21 li 1 5ft Arbor 

77%i 1 5% ArClOO 4 
35 1 : aft ArgoGe 
34% 17% Argaiy 
15% BtaArtiBcSl 
71 % 15 Armor 
72% 13% Arnold 5 

24.7 SWArtStl 
44 16 AsocITl 

33% 16 AwJCmB 
39 25*4 AttSc ATS J? 
IT’-.- 9AiAHTele 
W'bMTaAlmtJl 
I7 J i 18 AlfBon 
9%. 3%AuraSv 
IS’ > 6''uAuS€»«. 

6l % 37 AlitudK 
12% 4*4 Awloknu 
34% 19% AiFoInd 
79’. 9'.,Auto*nt S 
78 14 AuiflTah 


J0<! 


_ 29 7497 

3j3? BS 

.1 II 2B34 
34 _ 270 
_ _ 453 
_ _ 9089 
... 14 SIS 

z&?£ 

_. 30 382 
54 7 1434 

- 18 4275 
_ 244 

.8 22 S353 
_ 10 484 
_ .. 1524 
_ - 416 
_ _ B02 
4 14 7034 
a 15 954 
_ ._ 109 
.. 18 791 
a _ 1 bos 
1J 23 425 
2.9 17 441 
4 12 387 
... 29 1747 
-. 39 1156 
34 17 248 
.. - 1344 

7.1 16 517 
-. 13 847 

2.4 7 396 

... 11 440 

- - 550 
_. _ 7593 
_ 31 4334 
_ 15 737 
_ 137 4015 

2.9 8 28 

17 18 140 
1 7 10 733 
... 33 485 
14 14 1897 

_ 21 40 

.. 19 54 

_ _ 204 
4 5 70 210 
II 743 
_ 45 15491 
_ 1 357 

_ 8 497 

LB ... 1899 

1.9 35 74 

_ 248 

ID 14 17 

.9 14 1731 
_ 15 6917 
4 25 3817 

1.1 11 710 

- 4 542 

470 
747 

40 
538 
873 
IJ -.12546 
.1 45 3396 
3 49 3345 


TO 

34% 37% 33% - 1 
35% 32>* 3456* 1% 
13 11% 11% — IH 

21% 31 7Ub — % 

34% 34% 35% _ 

45% a —ft 


tF- t&tTS-S 


_ 6 
1.0 8 
_ 77 


341V 23% »D * hr 
16% 14% 14% — 4% 
12 11% 11% _ 
71% 20% 201V — % 
9% d 8% 8% — % 
18% 17% 18% — % 
15% 15 15% _ 

25% 24% 34% — % 
13% 12% 17% -. 

10% 9% 91. — V* 

15% 15 15 

8 % 8 % 8 % — % 

32% 31 31% — % 

30% 29% 79% — % 
16 15% 15% — % 

13 17% 12% — % 

12% 12 12% .. 

9% 9% 9% — % 

57V.- 57% 57% ♦ % 

20% 20% 20 Vi — % 

15 14% 14% — % 

28 77% 27% -. 

25% 24% 25% — % 

9% 9 9% — % 

16 15% IS 1 .. — V» 

13% 13 13 — '« 

75V. 34% 24% -. 

19 17% 19 -'A 

12% 17% 12% — % 
73% 70' . 23 —1% 
31% 39% 31% » % 
14% 13 13% — % 

77 70 77% —4% 

23% 23 23% — % 

14% 1JV. 13% — % 
12 11% 12 — % 
19*. 18’ , 19% - 1 % 
TT.m 27% 27% —ft 
14'. (3*. 14% - 

19% 19% 19% * V. 
14% I3*i 14 —ft 
48*. 047 48% — % 

15% 14% 15 — 

24 *i 27V. 24 — % 

17'. 16% 16% — 1 % 
21% 21% 21% - 
S% SU S*-T _ 

4% 4 4 V. - % 

35'-. 34 34 —1% 

41 41 41 — % 

23'. 72 27'-.— 1% 

39V. 38% J9 — '.i 
17%dI6% 17% _ 

19 17% 17% — % 

ID'. 9% 10’i ♦% 

10% 10". 10% - 'A 

13»» 13% 13% — 

24 2T i 23% — ’ < 
33 30% 31 '■'« - 

22 21 71% 

33% 31*. 32V. _ 

27% 20% 2I%— 1% 
73 72 77'. — i 

._ 6 1 ,. 6 6% ♦'.« 

_. 258 8% 8 B'j - 

29 13505 44% 47 43% — 1 


.40 


*48 


21% 20% 21 - _. 

_ 3911734 21 IB% 3)% *’-4 

.. 34 1433 36'-'. 33'. 36% -2% 

-343 35 74% u% M ■ .. 

1 0 24 929 37*. 37 32% —ft 

... 37 68 lift 10% II * ft 

... 29 6238 43% 40% 47* . ■*■ % 

_. 34 1S66 ?>". 20ft 20% — % 

- _ 4451 8% 7% Bft— *u 

.. TB 1406 7 6ft 6*. — 1 « 

9 22 TUI 56'-. 54 S4 —2ft 

113 7 ft 62. 7 —'A 

... 21 1478 30' . 29ft 79ft — ' » 

- 54 4000 70V. 18ft T9ft —ft 

._ 40 1474 74* •. 22% 22ft— lft 


-ft 


1.08 


09 


J2 


39 BB&T 
15'. B’VBE Aei-o 
J5': 

is'-. It, BI315 
71 38ft BMC 5*1 
27'.. r.B/JlC W1 5 
27 V. 17VJBWIP 
30 lOftBaoage 
16% 7%BnllBV 
2SV.1S% Baker J 
24 8ft BalvGm 
I." : 74V.BanPanc 1JB 
t?'.-BcOneoK3.SO 
i8‘.Br*cGcdic J2r 
. : . 'SftBancIc i 
l’**. 1 1 1 '. Bf- Sotrlh a. 

73 - - 17ft BA. WOrC 
if 1 JlftBanki-ss 
23' : 76v. Banla 5 


JM 


23 : 76v. Banla 5 
76' . irftBanvnSv 
3* 21'iBarVtt 

16 9%BarrtRs 
17".- 9'.,Ba!E*pf 
43 27' tBawlF 5 


.20 

.40 

-52 


75 18 BtrrVn 

57'': 37 ’iBaySks 
S'-. 15' 1 BcdBIti s 


IS'-. 15' 1 BcdBtn 
57*. 38 BetIBcP 
47- 27 Bell Sot 


80 

.60 

1.40 


22 14 ft Ben Jcr , 

48 32, Berkley 

29’. 15* .BesJpSr 

13% 3%BioEs 
14 9'SBmdlv 

H >.25ftBMcn 
'. JkjBmmcI 
6’ . 4* n B*oTcG 

K^^Bisr 

S ' : 26'.BoaiBn t 1 
*: lAftBobEun 
■ift S'.BaaaRs 
75*. l3'.BaaAJVUD 




^ftU'.Boorrtwn 


Bo rind 


4,,:29. 


14ft 6% Basil- 

S7ft,7';i?^V a c 


J6 2.1 


3.7 9 205 

,. 18 IH5 
^ 9 3853 
. 60 242 
_ 2010146 

- 23 886 
1.9 48 2327 
_. 13 583 
... 11 339 
J 12 1772 
_ _ 2839 

11 10 50 

S-A _ 151 

10 .. 1097 
-. IS 511 
2*4 12 1735 
A 28 33 

2J 10 127 
i.J 18 676 
._ 23 7983 
.. 30 74S 
... 28 29? 
... 15 45 

7 9 16 14 

3.0 II 387 
2J 15 1454 

.. 42 £168 
_. 13 294 
„ 34 1883 
.. 17 172 
1.2 12 467 

- 25 17 

.. 13 2*1 

1.1 15 313 
a 14 218 
_ 44 4201 

- 18 2480 
.. _ 904 
-. _ 170 
.- - 1381 

4.1 10 5230 

IS & 

.. 29 147 

32 241 
24 4330 
4 79 

45 4085 
109 913 
-11765 


79*, J9% 29% 
9% B*. 9 

17% 16'.- 16ft 
19 18*1 18% 

41ft SB 40% 
77'*i 25ft 26 - 
17ftfll6ft 17 
lift 10% 10% 
10% 10ft 10ft 
19ft 19% 19% 
15". 14 15 

3? 31ft 31*. 
63 m lft 47 
32 ft 31 22% 

23': 27". 72' . 
18*. IB 18% 
33% 33% 33% 
18% 18% IB' 1 
36ft 35' : 34 
16' 1 15'; 16 
36ft 36 36 

13% 13'-. 13% 
ID 10 Iff 
28ft 7B 28 

20' j 20 TO 1 .* 

S5ft 54ft 55 
27ft 26% 77 
46ft 45*5 45% 
34ft 32*. 34% 
17ft 17 17 

34' , 35'.. 35% 
17 16 16 • 

17ft M *. 171/, 

II'-. 10% 10ft 
12V. 12% 17% 
3Sft 33 35% 

11 XK. 10". 
4% e 4ft j% 
13 12'. I 13% 

-Sr- 

30' . 29 35 

22% 22ft 22% 


— % 

T2 


— > 
— % 
— % 


— % 

-ft 

— ' A 


**.. 

-% 

Js 


6% 6 a>. • 

fit; Vr» 


.=? 

4 

= 


Jft H-Bi! 

17ft 11% 17ft 

lift 10*. 10% 

18’, *119.1 17**. 


11 


AMEX 


Wednesday's Ctoslng 

Tables include the nationwide prices up to 
the closing on Wall Street and do not reflect 
late trades elsewhere. Via The Associated Press 


17 Month 

Woh Law Stack 


Dir rm PE 1D05 Utah Low Latest Ch'oe 


3 ? Ji i war 

24ft2IV.AA<pf 


r a - 


z “ *3 


75%43ftA'. . . _ 
8% JftAckConi 
5, SftAcmeU 
Aft l'« Action 

1 gfe s SS5S c 

15% 9%AdvMu 


-2M15J ._ 1M 
2.70e 4J 164 
_. 46 44^ 


Bft Bft 

22ft Mft 

fte 15 

-a 

65ft 64 
7% 7% 

1ft «J3% 




. . - 12ft BAT 0 
82% <.7Vb BHC 
25V. 16ft Bancht .16 

24% 19 BadurlUl M 
11 V. 8 Baker 
5% 3ft i_:- 
23%20%Brt#d 1.91 « 

14% BftBanstr a 

— VSFr an 

Tcvlft nIJIB 

CW7% nl.VO 

,,ft BanvHI 
__ - .1 ftft BanvnSb 
27 16ftBamvyl 
74'. 12% BafTLb 
1% ftBarWr 

6% 31? efy^wi 

34 ft 3*ft BSAARpn 2-01 
7ft TftBoardCo 
3ft IftBelmac 
26% 15 BenchE 
10% 6V.BenEve 

J^s^SSSB 


14% 10 EttoR A 
3ft I Btophrn 

lftBKcHd 


15*3 n%!»Bio9 n 1 .05 

15% Il' iBCAJQn J9o 
1 S', 12ft BNySb 35 

329. IZftBtounrA 
16W 13ft Boride 
171. 3%B ar/Val 
5ft lftBowmr 
28ft IMBmm 
10'.'. 7ftBradRE 
16 7><iBrandn 
3*«. Brandyw 

i 451® - 


Tft 

8ft 

9ft 

3ft 

13ft 

S% 

7?'“ 
2 / 1 . 
I W 

V'-H 

i7% 


5 CIIFIn 
7%aM 
3%CMICn 
1'uCSTEnt 
10 CVBFn 
3ft CVD Fn n 
»»CJW 

, ..CQlDfW 
l>,.Cal|.mn 
10 C/Aarc o 


- 8 287 

.84610.2 _ 24 

_ 21 336 

228 

■32b 2.6 ID 4 


.78 



;%d4% 5% 'ft 
ft 8% Bft —ft 
7% Tft 7% —ft 
I "ft l«ft l“/|, 

12ft l! 

«% 4»i, 



iPA^BdwitSey 


25” 9VS 

59ft 29% BroeSI 


teigEKsr 

12ft 7ft Brunos 


.... . ..Brunos 

27ft 13ft Buffets 

^*?32ft^Fn 

frTOSSS* 

^SJSSSS" 

3iUi?toCa(Mtc 
13ft 6ftCaniNt0 
32 13VjCWlaeA 


47u IVuCtmvRS 

■ta^giZccrcajstr 


20 “ l5Sc*rajst 
50% SftCrtinHIt 


13% 7%C€»eV5S 

iSftSil 

28% 12 CisMagt 


.. 4%CatdtSern 
M'A 12 CathStr 
24% 14 catacps 
34ft 23ftCetetif8 
36ft 11 V.cSlPru 

48% 35 CoKZmA 
36ft UV.aOnPR S 
45ft20ftCencoB 
24 V. lift CentCel 

lift .VjCenttTl 

43 . I S'-', conform 



_354 2^ 


S3 B* \®rJ£ 

Jft 20 ft— 1 ft 
... 6ft 6ft -.ft 
7 & ^ 

&A 2*2%=$ 
13 12ft 12ft —ft 
*ift n 33% —ft 
_Jft 28ft 30ft —ft 

ffi'SSzl! 

16ft 14ft 16Vi +1% 

2S£ §ft!S 

44 ft 45 +fe 

^"-Ift 


15ft sftCentoctjr 
3Sft 25V,CFldBk 5 1.12 
19% BftCenhin 
49% 15ft cemer 

34% 17V.Cervocor *421 
IBft lOftChrmSh .09 

S^SKf. 

16% 6ftO*eckr5S 
24% 16ft Oiewl* > 

19 7V.QlkCO&& 

40 V. Jflft Ch|DCom 

7*. IlsniiMT. 


J4 

1A 

13 

221 

16*, 

16 

16ft 

- % 

371 

JB 

1 1 

19 

487 

25', 

32", 

75 

1*1 

4" 

1.00 

X4 

9 

IS 

29* , 

aw 

aw 

aa. 

39'. 


69 

741 

26', 

25'., 

76'. 

" '*« 

26 

04 

3 

15 

784 

13 

17*. 

13 


25 

.64 

3.3 

20 

49 

SO'. 

19% 

19% 

—Mi 

36 


Tft 2VlChiMTC 

94 40 Oilran 

9 4ftC%Mmt 
JMi rVOimmrfs „ 
43% 50 annFns 1J8 
34*-= 24 V. am as .17 

18ft fftOroan 
44%13%Orrvs 
4t>% 19 %Oms 5 
9% 3%Cle*Cdg 
13% 6%Ootfl 
42 16<6Csmmi 
36 25 Cobra 

41ft 17ViCocoBtl 1.00 
8 4'ACodoen 
29 10ftCoane*s 
16'-. 11 Caneml 
31ft 20 ft Coiaaeo 
25% ISftCotBcDS AO 
34ft 20'.1 Coma I r s .24 
28%n%Camcsts -09 
24 lOftCmcsos -09 
21ft lSftCarwMwr 

33% 77 CmBMO 1 AO 
29 Vi 174. CmcFdl 

2 a iQftComHtSv „ 
24' 1 20ftCompBnc .92 
18% B CmorsL 
TV. S’/iCmatrx 
12% 41iCptNWk 
47%19VjCompuwr 


A5e 

■50 


20ft B Comvers 
33N17ftC«TcEFi 
54ft38 , jCcnPtaJ 1J8 

2? I3'-i Contfa 

14 8 ft Ctrl D1 
22% Bft Cooker 5 
avtl4%CoorsB 
53ft 21ft Cooley S 
20ft 9%COPVlet 
18 9ftCSTher 
19ft 12».CorGcAjF 
54' ,71 Vi Cordis 
22 6%CoralCos 
(8% TftCUrrecn 
J7ftl3ftCo«CPS 
S3'i TOVtCovntrv 
34ft 72V, CrtjBrl S 


08 


-02 


JJVnCrdAcpS 

IftCreaRsti 


40ft 30ft Cu«nFr 

27 l3'.iCiniai 

24V. 10 CvoneCi 
41% IB'iCyrbt Cp 
35* . 10 CyTfc 
13V] 3 Cytogn 
B'-i 3%CWRx 


_ -.10973 
38 11 1234 

- - 7916 
.- 41 1221 

18 22 at 
A \1 1928 
_ 30 2314 
28 J 429 

- 23 3498 

_ 34 916 
_ IS 683 
_ 37 400* 
_ -. 1488 
-12111113 
_. — 90 

_ 98 1358 

2- 3 14 363 
A 2« 329 
_ 17 659 
-. 45 7544 

z?fn 

_ 13 305 
_ 33 744 
-.30 311 

3- 6 18 753 

- 48 854 

- 33 4363 

- 27 3976 
_ioa loft 

17 7 1000 

1.1 IS 1401 
J _ 2400 
J — 14673 
. — 490 

2.0 II 19® 

- 7 135 

_ 20 120 

3.9 10 349 
_. _ 497 
_ _ 814 
-. S 968 
_. 35 -MOT 
_ 1411904 
... 26 SS 
XI 29 101 

- _. 324 

- 13 IS 
A 20 148 

28 - 923 
_ 25 516 

- _ 1448 

- _. 1940 
_ -. 395 

- 19 4034 
_ _ 1110 

- _ 411 

- 61 12845 
_ 29 2730 
•t 32 2724 
-. 15 648 

- 897 

... 12 3292 
_ 37 73 

-1 33 530 

- 18 275 

_ _ «4 

A 10 32B 
_ 22 165 





39 *>*«— 1& 

23% 23% — % 
11% 11% — % 
9% 10% +% 
19% 19% 19% — % 
7% 4% 7% »% 

19 18 18% —ft 

9% 8ft 9 —% 

S3V, 50ft 53% .% 
5% Sft 5ft —ft 
68ft 43% 66% —ft 
5% 5% 5% —ft 

14% 15ft 15ft —ft 
SS 54ft 54% —ft 
31 30ft 30ft — % 
13ft 13% 13ft 'ft 
35 33ft 34 —ft 
34% 31 33 ♦! 

3% 3% — % 
-ft 7ft —ft 
1% 34ft tft 
Ift 29ft *% 
.'ft 28 + % 

4% 4ft - 
20 20ft— 2% 

11% ”% —ft 

22 d2D 20 — 2 
18% 18% 18% —ft 
22ft 71% S —ft 
19ft 18% 19 —ft 
18ft 18% 18% —ft 

17% 17% 17V* — % 
30ft 30'* 30ft —ft 
18ft ISft 18% — % 
23ft 22 22 —ft 

23% 23 23% >ft 

12ft 12ft 12% _ 

5ft 5 5 — % 

VVi 8% 9ft —ft 
45ft 41 44 klft 

9ft 8ft 9 —ft 
23ft 23 23 — % 

42 41% 41ft — % 

IS 14% 14% — % 
Sft d 0 8ft —ft 
9ft Sft 9 —ft 
18% 17ft 17ft —ft 
25 24% 24ft ♦ ft 

9ft d 9 » —ft 

17ft lift lib —ft 
18ft 18% 18% —ft 
44ft 42 42ft— 2% 

19% 18ft 19% —ft 
Sft 8 SU ... 
24% 23% 24% —ft 

44% 64% 44 —1 
28 27ft 27ft —ft 
37% 37% 37% -. 

2% 2% 2% .. 
24 24 25% » ft 


• Vft 


- 26 liH 


-. 25 799 
-. _. 194S 
_ _ 1009 


9ft , . 

13%dl2% 12% - 
3% 3 3V„ * 

35% 34% 35 — - 

25ft 16% 26% — % 
22 20% 20*6—1% 
28ft 27% 28 —ft 
31 % 28% 29% — % 
3% 3 3% ‘ft 

6V« 5ft 6Vtt *%» 


197. *ft DR Hort 
33 15 DF&R 

73 ft 25% DSC 
31 6 Damarfc 

44% 17*6 Danko 
17 IlftDatjcp 

sr ftsssss* 

27% 22% Davobn 
37 13% DcvrfvA 

18V. 7'.jDavRun 
33% JOV.DeVry 
34% I3ftDeflCPfr 
22% 13 DettOn 
47 31%DenKds 
35V. 26 DeoGty 
25% 12ft Designs S 
71% 13% Devon 
77% BftDialPtje 
32*. lt'iOitmSJ 
24 V, 16 Dlgilntl 
30 8 DjOMk: 

39L* 30 Dtonea 
34'*. 16 DtseZnes 
16% 8ftD<xkcYr 
34", l9* .DIlGnlS 
32ft l4%Dovatm 
2S% 7*iDr«oe 
17% lOV.DresB 
31%20'iDreyerO 


P-e-F 

.701 4A 19 438 


_ 48 J45 

_ 2053 
J2i .6 29 4344 


¥ 

z ? m 


.92 19 II 240 
_ 48 235 
_ 19 299 

- 21 591 

_ _ 11625 

.16 1JI 44 182 
_ 33 1295 
1.00 X8 7 548 
_ 45 3001 

- 1 1 618 


1SV< 16% 15ft 
27 26% 26ft 

50% 48% 6} - 

23 22% 26%- 

40ft 3flft 3V - 
15 14 14ft- 

10 8ft- 

8% Bft Bft 

23ft 23 ft 23% 

21 19ft 19%- 
17ft 14U 14V'. ■ 
29 28% H% 

27% 25ft 76V. 
14ft 15% 14 


J2 JJ 7 653 
= 

Z 20* S 


16V. 15% 16 
Ufa 37% 37% 
26% d 25ft 26% 
16% 16 16ft 
18ft IBft 18% 
46% 45 46ft- 

19%dl8% 19 
17ft 16ft 17V. 


JO XI 24 133 

26 2564 


JO 


17% B'aDuatOrl 

22% 13 Ctrkn 
20 13ft Dur iron 5 

JJftlB'-iDvlcJiC 
28V* 15 ECI T1 s 
34ft 10ft EMPI 4 
20V. 17% EZ Cam 

SJSSR5! ffl-* 
ITB"’ 


J4 


10 31 1525 
_ _ 155 
_ 10 123 
*42 2J 21 335 
- 13 867 
_ 31 4465 
_ 11 3371 



34% 20ft 


_ 28 817 
M 1 J 10 133 

- 38 1798 

- 74 1034 

- II 1578 

- 14 7018 
_ 3111330 

- 18 571 

- 14 1280 
_ _ 730 

402 

- 23 187 

- 64 186 

- 47 833 

411 

- 8 2321 
J3e 1J 55 5M7 

280 
3828 
613 



EH 


•s ’5ft 'SJSzS. 

w - feBiia 


3*ft 23ft 



2J7T2A4 41 698 

“ M 2S 

J0el3 

_ ft 2413 
H2e J 1? 33 

- - 7144 

M 71 53 


Hail LorrUBolOr'ac 

9ft 9V, —ft 
17ft +ft 


[4ft 61 

; 

SKL 

v^MbggMa 
19ft IJftFtFnCP 
30ft 23ft FWjqw 
22% 6ft FTPcNtW 
30%23ftF5jecCS 
era 35ft FT eon 3 



15 

«! ft ^ 

47% 48 —ft 


16% 8%RasoJr s 

29%21ftFtS5tri>f 

7% 5ftF 

7ft Sftf 

38ft 32ft For Am 
4 3»Faro*fO 


33 17UT 

43ft 29% Forth B fit 
27ft 7% Fossil 

25 7 ft 40 < 

31% 2S _ 


« 2S E 56ft 

*1 : “ 

U 613 913 
1.5 588 2806 
U II 6 
_ _ 70S 

is ” 'a 


lOftFrttEPtt 
19ft 12ft Freds 
32% IPftFrShOlc 
42ft 31 ft FutrHB 
20% /VVFunco 


- 21 1385 
_ 10 141 
X9 12 57 

_ _ 346 
_ 13 405 
1J 13 24 

_ 43 1450 
1A 22 1237 
_ - 211 


*5 

^ Ift-!! 

38% 39 —ft 
20Vi 20ft - % 

23 22ft a’’* — W 

ft 

15% 15 15 —'A 

31% 31% 31% — % 
42Vh _ 
19% 18% IBft— I 
7% 71b 7% *V. 

13ft 13% 13% —ft 
14% 13ft 13ft — % 
24% 25ft 24% —V, 
37 35ft 35% —ft 
IS 14% 15 *% 


G-H 


30ft 10ftG£rtlS 
411613 CT1 
23 IlftGtUeFA 
12% 5 1 /»G4*wvFn 
34ft17%GnCrHtt 
33% llftGnNutrs 
27 U'MGeneThr 
49ft a%Genet Inst 
aift ISUOcnsid 

S ft i3ftGennx % 
%2SftGervym 
171b 4%GeoTV 

^UftGbsiiG 
29ft 19%GkH-OW»s 

^^SSs* 

20% B GoodGy 
24ft 11 GctyFrtn 
24ft 22ft GooIdP 


— 23 4rto 

_ 10 740 
„ 18 710 
_ 12 493 
_ 19 421 
_ 41 2715 
^ “ 322 
_ - 1403 
_ - 2377 
_ 40 2331 
_ 10 Mil 
_ - 1421 

JO J 12 473 

AO 1.9 13 416 

.12 J 19 358 
_ 24 414 

- _ 272 


t _ 17 TTO 
_ 23 2255 


■-■^SSSg" 


24ft 15% 

22ft 12VbGfl-KBc 
22'6 15ftGrenOd 
6% ftGntwFh 
12>b 4ft5r;stMIl 
31ft 13% Gupta 

ss’saBsr 

aWMSSEBc 

31% 22%Htr*ev3 


24ft 

18V. 

31 


j2%Hannon 
I2V.HOTPGO 
-11 HaryFar 
19 4%HausOi 
19ft 12 HavrtYS 
30%14%HowkB 

2sftia%Hitcmp 
9*.i SftHIttxhni 
25ft 13 V. HearlTc 
14ft BftHOtgA 
20ft 12 HelenTr 
31 iftHgrtfe 

14% 5%t-ffiains 
12 6% Hogan 

321612 HtywdCa 
35 MftHKrdFIcs 

29'A13%HtwdPpt 

18% 7HHomcrM 
39 2lftHamedc 

34 21%Hanlnd 
24 ft PHHarrfek 
25ft irAHuntJB 
42% 16 Huntco 
27%20ftHuntBn 
50% 19 HuWhT 


- 19 173 

SO 3*4 21 144 

- 28 7457 

JO .9 71 777 

1A4T 9A 8 258 

** f 1 iff] 

“ lb 2S17 
_ 38 1588 
_ 38 1759 
_ 14 338 
_ 24 123 
JO S 17 4028 

703 

61 U ID 9 
_ 20 486 
JO 1J 19 455 
_ - 187 

- 9 477 

J7 1J 16 100 
AS 2A 11 9? 

_ 1910093 
_ 14 783 


.14 1J 24 

" fl 

.178 X2 24 

z*% 

JO If _ 

- 32 

A4 l3 24 

— 16 
JO .9 23 
.oee J 29 
JOfa X4 10 


8137 

62? 


720 

968 


1595 

1 

6M 

138 

1071 

4550 

820 

758 

1312 

393 


12ft 11% 

14 13% 

20ft 70 
11 10% 
30ft 2B% 
25V. 24% 
12% 12 
43ft 42 
1716 16 
24% 23% 
26ft 25ft 
lift lift 
57% 57% 
22 71ft 

26 25 
12% It 
10ft 9% 
36ft IS 
18 17ft 
171*1 17 

17 14% 
23% 23% 
30% 38% 
21ft 20ft 
19ft 19% 
21ft 20ft 

Ift 1 

4% Aft 

27 74ft 

43". 40ft 
22% 20ft 
25% 22ft 
23ft 22ft 
37 36% 

21ft 21 
24ft 24 
23ft 22 
17% 16ft 
ItftdlOft 

8% B 
15% UV, 
18% 18% 
20* 19 

Tft 7ft 
IB 17 
14 13ft 
1514 13V, 
24ft M 
lift 10% 

Bft 71, 
12% d lift 
20 19 

18 IB 

16ft 16ft 
37% 37V. 
33V. 32% 
J5ft UU 
23% 22ft 
27 25 

23ft 23ft 
31% 30ft 


11*4 — V» 
13ft +ft 
20 — % 
10ft — % 
28ft— 2% 
24ft —ft 
12% -ft 
43% *% 
14ft— 1ft 
33ft —ft 
24% +% 
lift —ft 
57% —ft 
21% —ft 
2S% _ 

12% + 1 
10% -ft 
35ft — % 
18 _ 

17 —ft 
16ft —ft 
Z3% — % 
29 — 1% 
21% — V, 
19% —ft 
20ft —ft 

1V]» _ 

4ft —ft 
34V. -ft 
42ft -1ft 
22% - V. 
24V. —ft 
23 V: - VI 
34ft v% 
21 —ft 
34ft , ■ 
22ft— 7 W 
1616 _ 
11% -ft 
Bft —V. 

14% — % 
18% —ft 
?Oft -1% 
7ft -ft 
17% 4% 
13ft —ft 
15% - I % 
74ft —ft 
10% — lft 
71, — It 
12% —ft 

I»% — % 

18 4% 

16ft _ 
27% — W 
32V. _ 

74%—% 
23% —ft 
28V. -1% 
23ft —ft 
31V, ♦% 


19 7%1-STAT 
7% 4UICOS 
19 9 ICUMed 

20% 7ftlDBCms 
32% 17 ft ld£* Lbs 


- _ 436 




32 19% IHi 

34 7%IISs 
39% 11V, IMR 5 
■Oft 3 Imctne 
11 5 uriungn 

38% 9% Imuwte 
34ft 13ft Imunexs 
9% 4ftlmunmd 
14ft 9ftlmoCra 
19% BftlnFocu 

22ft 12ft (nacom 


38ft 24 tndScp 
bitnBrd ■ 


35ft 13ft--- 

44ft 14% MoRes 

77% 13ft Informix 
13 3 Inmoc 

48 14% Input 

14% 10 hwliMa 
20% io%m*HTc 
45%22ftlnsAut 
70 V. 9%lnfgOs 
34ft 6'/. IrrtaCrv 
74% 42% Intel S 
20ft aftinteiwts 
28 lOftlmetQ 
15% 4ftlntNtwk 
12ft 8%lrtgpft 

57%2l%lntgHit 
9% 4ftlntrleaf 
IBft BftlntrCm 

70V. 14 Irttmog 
20 V, 4% IntTattx 
lift 6%lrtmu 
15% 4ftlnterkJv 
22*5 4ftfntvo*ce 
50 24 intuit 
Z9%21V.invcare 


25ft 13 bomdx 
20*4 11 


— ... JBJSn 
24ft 27ft JS8 Fn 
18 9ftJeanPN 
17% 13% JeffS VO 
18% lOV.JgidCv 
30% 14 JohrednA 

70% 10 JOVHA 

17ft 6ft JonasM 

s-A^a-cU 

25% nftjumns 
26V, 11'/. ic Swiss 
43% 11 KLA 
»% 17%Kaydon s 


AO 


14% 13*6 
5ft 4% 
15% 14% 
17 li 

28 27% 
14 12ft 

29 28 
Bft BV. 

22ft 21 
31, 3ft 
6 5% 

I Oft 10 
14% 13% 
4", d 4% 
10ft 10 

12 11V> 

16b 16 
37% 37 ■ 

26% 25 
17ft 17 
21 19ft : 

6ft 6 V, 
40*6 39% . 
14% 14% 
14*', 13ft 
29 27*6 : 

12ft lift 
27ft 2S%! 
67% 65% , 
17ft 15V, 
24 21*« 1 

■ 7ft 
9ft 9% 
S3 49ft . 
7ft Aft 
12% lift ■ 
Hi 9 
23% 22% : 
17% 161. 
lift 11 
9ft 9 
13% 13 
12% 11% 1 
37% 36ft : 
27% 261: I 
19% 18 1 

17V. 16% I 

22ftd22% ; 
11 % 10 *'. 
16ft 16% I 
13% 12ft I 
27ft 24% ! 
14 13ft I 

13 12% 1 
18% 1BV. 1 

6V« 6% 

j 13 5!3 24% a*" : 
177 15 *278 « a%i 


- 37 93 

4910951 

- 48 812 
_ 9 1745 
.. 26 1289 
_ 10 474 

- 25 772 
_ - 314 
_ _ 317 

- - MS 

_ _ 3102 
_ 836 

1.141 11.1 6 135 

- 23 136 

- 13 146 
1.14 XI 21 534 

- 71 3102 
_ 22 1344 
_ 25 9777 
_ 13 1365 
_ 33 1274 

.14 IJ) 45 345 
_ 42 1138 

- 38 549 
_ 10 712 
_ 3225464 

JO 3 1346302 
_ _ 7959 
J2o IJ 20 4718 

- - 374 

_ 565 

_ 25 2942 
_ _ 1013 

- - 1202 


_ ._ 954 

- 27 316 
-223 433 

- - 380 

Z iiznra 

_ _ 906 

z U K 
21 S m 
z ^ H 


Z 41 l^i 


3 * 

1J18 55 


n ll 384 
■ 13 213 


KB- - 




ISS'SF” 1 ' 


.. . . iK nwIW 
M%l3ftKomog 

20 ISftKranos 
31ft lOftKURHB 



7% 6% 4ft 

24ft 23 24ft — % 
T7'4 I4’A 14% — % 


4ft i 4ft -ft 
23 23V, 22<« — % 

14% 13 14 -ft 

13% 12*4 13% — % 


24 23% *ft 

if* V =% 


S^il&fcSiffp. 1J5 " =. 


29%16ftLDDSS 
8'A IftLTX 
13 7V,LOddFr .12 
39%17ftLemRS5 
47 V, 30 Loncstrs AO 
23ft 18*6 Lance .96 

§ 30 ISftLdmkGph 
25ft 12 Vi Lands tr 
% BViLarvet 
ft 9 Lanocoic 
26ft 12ft Latfeoss 
31 M%LO«rsn AS 
21ftl3%LwyrTS .12 
20ft 14 LrngCo 
19ft 9 Lecntors 
41 lSViLegenf 
25ft 17 LevelOn s 
32 14%UbMedA 

9ft lftUdcA 
7ft 'ftjLldakwl 


38". 36'i 38'. 

27% 

24V, 23V, 24". 
3% 3ft 3V., ■ 
8% S' , 


29% 27ft 28*. 
4415 <3% 44 - 

19% 19ft Wi 
26 24 74%- 


4 V': 
. */<• 

* >1 


. FlftBOftLulBrd 
25% IlftUncrtes 

S% !2%LlncTl s A3 
37 27 Lindsy 

49ft22%UnearTc J4 
9% SVhLiPOStn 
MV, 5%LTI 
27% 17% LilCttuse 
27H 16ft Laewen g JM 
30% ITftLneSSlk 


*V.LngSBc 

25 10'ALoneryE 
86% 23% Lotus 
71 ft UftMB Com 
29% 21% was .10 

57*4 23%MFSCm 
28% 18% MS Cot 
13ft 3%MTCEI 
4Vi 29 *i McgnP 
20’-, ISVMotGf J 6 

15ft 8 

24ft 7'AMarajm 
10 3% MorOrt 
27% 11 UtarinerH 
25% 9 Marsam 
96 IBft Mct-sMs .56 
14% 4%MoOl5fl 
13 8 Mafx5« 

15% 7% Max a+ttl 
S5ft 2t ft Max an 
Bft 4ftMaxlor 
57% 35 Me Caw 
26ft 20 McCar A0 
32ft 10 Medirnun 
38 V, MftMedaph 
4*% 9%AiedVsn 


-1 

-% 

_ _ . , -Ift 

24% 23% 24ft 
9 8% 9 —ft 

9ft d Hi 9ft -ft 
17V. 16ft 16ft -ft 
26 251b 26 -Vi 

14*1 14% 14*. 

16% 15ft 16% 

12'i lift lift 
26ft 25% 26% 

Mft 19 20 _ 

21 20' i 20'. i — % 

4T U 3% 37a— 'Vi, 
7% 2 Tft —ft 

12ft 12 12". — >i 

110% 108'. ,109% *% 
22*. 21". 21ft— 1 
16 15% 15% — % 

34 ' s 33ft 33ft — % 
*0% 40' 1 41% - % 
6% 6>a 6% —ft 

Bft 8 B'l — V. 
25 24ft 24% - 

26*. 26 76 — % 

24% 71ft 23 : . 

7*. 7ft 7ft 
lift 11 lift 
10*. a 9", 9%. 

Hft 6 Ha 70 
17’y 16* IT 1 .. _ 

24% 73’-. 23ft -ft 
31'.. 28* -i aft— 2V. 
73 73'-. aft —ft 

4ft £ 4'., — V, 

33 31ft 32 
19", 19% 19*, 

Bft 5 Bft 
lift 11 lift 
b'* 5*: 6 

B'.a 21% 21ft. 

IK1 UV- 11";- 
21 ft 21*. 21ft 
5>^ 5 5-., _% 

lift 11 lift —ft 
ISft 12' t 13’-.- —ft 
50*. 47*: 50 -l»i 
Tft r»: 7% — ’*: 

50ft 50 SB. -ft 
23% 21 ft 71% 


iv, 

-Hi 


jlJftOshBA 
29% !6%oumStks 
66%16'AD*»fl1S 
61 U 46% Pocar 


jx 57 1 A 55 + Vi 


PmdtCB 
Pcginos 
aw 8 PakTtft 

33% 17 PosaJefyi 

36 9’jPorobai 
44V1 a% ParrnTtfi 

18% BftParkOti 
36% 1S% PatDntl 
J0% 23T, Pavcfnei 


^ 45 4929 

2355^ 

%'h r 


1 


-2% 

-1 

-Vi 


wT-i*iraruiA3 

AlUnUPimtairs 

49 V, 26 PBcYVnr 
43 UVaPeoeCnc 

13% BVbPWPHTt 

13% SftPeepTels 
41% 26 Feopstr 
SVa 14*4 PerSprv 
34T, a Fertaos 
19ft 9%PtrtGeos 
4gft 28V, Fetrtte 
36 aViPetSMCXt 
21 1 '. 13 PhrmMld 
38' i 19U PhrntRe 
72*645 PhxRePf 
36% 13% PtiyQjr 
20'-i 7%PHyCAS 
7Ph l3ftRiytid-m 
27V. 13ftPicTet 
40% 24VaPtonKjB 
25'/. 12 PionStd 

41*.. ta Pftencr 

39ft 9%PtatSB* 
lift TftPtoiTc 
29ft 1 1 v« Players 
Pft tUPkzrHme 
lift 7 PoofEn 
69V, 73 Pmnofl 

34 I6'.i PrfEnrr 
18% MviPrrrvSc 
33% iSwPresRv » 
10ft S'iPnesLf 
36%17%Preaek 
21 »a 16ft Priests 

35 79 PrSBB 
38V* 20 'A PrcTR 5 

36 19 Prtmodn 

36ft 16% Praffilt 
BO'.a'iPrsSoR 
291a 7V:PralDg 
Sft »i Protean 

3*% Z2%Pra?top 
20’-: 7*-. PureTc 
tS 8 Purepoc 
23 13V, Pun men 

73 UftPuroPd 
□'■•UftPyrmT 



^ *** JL 

28u 57 aft +ft 

^ i?a igf-sa 

35Vi 35U +% 
36ft 36ft +ft 
46ft 46ft —Vt 


^ft 


10ft .. 

9« 10 - ft 

32ft 34ft +Vi 

ft aft aft - v, 

% Mft 20ft -ft 
■4ft 18ft 18ft —ft 

^gg=? 

3, Vb 33 32% — 1% 

26 Vi 22% 24ft— 2ft 
25ft 24% 35 _ 

14ft 13% 14 _ 

33% 32ft 33ft —ft 
26>*. 24ft » —Jft 
20 18% IBft— 0% 

12ft 11% 12ft +ft 

12*a lift lift —ft 

^“s^sAb-lft 

^ 'la *» :s 


1 Ale AX 
53 IJ 


»ft ^ 7^-?^ 


fiS z 


34 IB 

24*il7V,MedS»l „ 
S3 UKMed'.lot 
13ft sftMegtood 
19ft 9ftMegovtz 
23% 10% Meaatest 
34ft ltftMenWrs 
17ft 9 Mentor 
17ft TftMertGr 
34% 9 Mercer 
39V, 27*6 MercGns Jo 
34%26ftAVdnflC 1J8 
22 L, QftMertsal 
32% 18 MeriJCp .1? 
34 15'.’. MesaAr 

17V. lD",/AeitKlA JM 

34 *'.iMetrcm 

25ft irftMerraccJ) 

11 V, 6V1KUCHF JO 
44ft 25’V MchSlr 
65*1 51 (VA/JctlNI XCO 
37',; 13 V, MicFocu 
56 19ViAUcxWar 
32% B%MfcrAg& 

47 IftMkixnpS 
11% 4%M>ogfx 
7% 4%Mcmics 
Sft Micron 
98 70%MjCSflS 
34ft 25 MHOcn 
45 BftArtrtJAJIS 

30 17VV /WfOCD 

35 23%AUlrHr J3 
28 V, MViMilakSr 

3* IS%MOITel 
31% l9'.«(VUxtnes *16 
34% 18 Mohawk s 
24V, SftAtofccDv 
*%28ftWtaiexs JM 
36ft 26ft MatexA JM 

31 10 MottenM 

71' , io ft MonevS s .16 
15% 7>«MCottee 
3f'i»'^MuHmdn 


lift 

10*. 

lift 

_ | 

33% 

32' J 

32ft 

—V, • 

Pa 

d«% 

9ft 


16% 

15% 

15,, 

” ’ j 2 

271, 

27 

27 

—% ! 

23% 

22*. 

23.. 


U 

IS 

IS 1 , 

-ii j 

B 

7 1 2 

7’, 


14>, 

12*-: 

13’, 

4 J 

19 

17*. 

iaft 

_U 1 

TV, 

27% 

79 

u *.\ 1 

IPi 

Id’, 

15 

_ I 

14/a 

Uft 

U" 

_• t \ 

Uft 

13’a 

13ft— 1-, t 

22 s ad!6* , 

sr i 

_La | 

aft 

29' a 

aw 

* ] I 

15'/: 

IS”: 

lfl 1 : 


26ft 

SS 

26": 



73 36*, 1 

17 7 QuodSy 

43ft 19ftQu€Ucm6 
38'i71%QIFoqd 

S’! 17ft< 

32 I33b< _ 

T’lfi i? 6 ** 


JO 79 


JO IJ 


30ft 29% 30 

44ft 40ft 42V, —ft 
25V. 23% 23%— 1ft 
6% 5V, 6. — ta 

10 9% 9ft — % 

9% 9 9% *ft 

9ft 819 Bft —ft 

21 20% 20% —ft 

ISft 14ft 15ft -ft 
13ft 11% 12 — W 

r a% TB 

22 21% 72 *ft 
15ft 15 J5U *% 
35ft 3316 34%— Mb 

a 2Dft 21ft— 1 

14ft 14% 14% —ft 
17 16 16% — % 


R-S 


19*, 16V, RPM 
17 RoinTc 


20% 19* i 19% 

16-% 16*, 16% 

26% 24% ?4*j. 

<9% »% li*.- 
9"» O'.. 9*. 

Cl 45" : 43“ • 

61% 60-', 6C>: 

13% 13% 1“'» 

46 45 45 

26% 24*, S'! 

33*. 36% 35 

6ft 6'4 6*. 

5’.. 5 S’ a 

7'., 7 7 

85 83% 83% 

27*, 37% 77> , 

32% 36** 37*,— 1 
23% 33'. 7EV, — % 1 
28% 77'., 27* 1 —'A 

ir, 14% u'.- — *, , 

18% 17% 17% — >, | 
25*. 34% 25% — % . 
M 27 27 — 

Iff*. 3*1 1C', - "i J 

35 -a 34% 35 — % ■ 

33% 32% 33% -% I 

23% 21",21*,—1% 
T9% !9% 19% — *» j 


22 13 

16ft 8 Rally* 
9ft 4 ? . Ramsay 
lift 4%RastrOp 
ZJ% aVhRracKt 
26' : IS'-. ReOmac 

2i r v-r &8gs&. 

A%8S£p 

%&£** 
94*, STftRmitHd 
72 T'-RexSuns 
10>i 4 %Ra>-*N 1 
19"alS'iRMHH 
.’4%51ftRocaSv 
42 1 .; I7*i RtMPhr 
2U5ir,RocnCS 


IB a If b 
_ 16 1457 
_ _ 22H 

Z Z 12S 


19 18ft IBft -ft 
1 7ft d 16ft 17 —I 
9ft Sft 9ft tft 
766 7ft _ 

Sft 5V, —ft 


_ a 5831 13ft 13ft 13ft —ft 


_ 2/1 1071 19 
Z _ 1381 ft 
_ „ 1141 7V» 

_ _ 843 
2-5 8 629 12 V* 

Z 36 5288 13 
_ _ 4040 9ft 

*-“• ? ■*!& 88,4 


is' 19 

6ft 25 z$ 


J2 


1*40 


12ft - 

lift 12ft tft 
Bft 8ft —ft 
87 871b— 1 ft 

17 17ft tft 
9ft 10ft —ft 
Uft 14Vi— Ift 
_ . 68 70 tft 

29*. 2BV. 39 —ft 
16ft 16ft 16ft tft 


& 


— % 

— ' , 
-lft 


r-: i 


Z M UK 1?- 

2.0 23 2151 70ft 

_ 63 «4 “ ‘ 

,i7S l ! z K tftSS=£ 

4S' 36% RjvtfFn 1JQ "J B 853 «5Vi «4ft 45 tft 

29 .r.Roper b .n J 20 Jg 

_ 1418 Sft - 
X7 _. 18S3 19 
XI - 21 S3 

__ 15 4435 Sft 

_ 15 258a 12ft lift 12ft -ft 

_ 14 2892 16ft 15ft 15% —ft 

JSe 13 14 37 17ft 17ft 17V. —ft 

W 7 


3J$ 


1 


43>.26 > .NAC Re 
ajVj 10V: NCI Bd 5 
25 l4V,NFOP/Ji 
34%26’aNSBcp 
18 lO'VNtCprr 
31 V, 4ftNotVsnS 
58 38 NlWnU 
IP/. AftNtwdO 
17ft SftNonMxlr 
24', 8 NcsrBli 
SB'-’: lift NouticD S 
r9'3l7'.,Nellcor 
76 14* , NehnT 

18% 12*’,Ncttrame 
47 23 Nermang 
23% 8 NTwkG 
ID*, 6%Mtwtc5y 
a% M'.Neutra 
21 9ft Mwlmag 
73’i 27ft NwbNk S 
35*» l7V,Nw)dBk 
541,22 NexfcHCm 
I l»a 5% NWeOr 
60ft 35 NbiDrrt 

S£u 1%'gN aSecr 
36V; is Narand 
63 S", Nardsn 
44", 75% Nards) 
50ft 37 NcrTret 
38ft30' ,NwNG 
34 17 N ovefl 5 

45 14*,NavtU5 
23 16V’: NuKate A 


A II 106 
_ 16 127 


IJ f K 
2J — 950 


:n 


36 

J4 

SB 

1.76 


19ft i"OPTI 
35' , isv.OReJyAu 

?5’J! _ 

72 5P.t 


frygSg “ 
gfswr,* 

18ft BftC 
37ft I5I.C 
MV7 9V.C 
17ft. IT OrdiSHw 


_ IBS 1185 

zg sir 

_ 2D 534 
.. 16 1499 
J 26 1934 
28 20*6 
-. 58 1443 

z.£fc8 

iS 

5126955 
.7 16 t3 

Z2i^? 

4 :' Z 3463 

.9 3 23 
.9 23 4397 
XI K 559 

5-1 13 « 

.. —723 14 

_ 32 2749 

I 26 ISO 

z 

z fS^ 

H Bid J i 

- 504 
.. 2715 

7 163 

18 71 

7B 755 
3930449 
85 4940 

8 31 


26 ■: 26 . 76% _ ■ 

16*4 16 16% .. 

34 — . 

31 3th 31 • 

12*. 12% 13*. -% 

5 4% 4ft — % * 

39ftd27ft 37*4—2% ' 
IS": 15 IS —ft 
9 Bft Cft —ft 
Jl'j S-'j 2, —ft I 
25 2': g'i-1% ' 

25*, 25 25% —ft . 

23ft 23 3C‘ . _ : 

15% 14ft 15 —ft ; 
25*, 37% 25*, _ i 

ISft 16% 16' a— 1*. ) 
Pi 7 :l — ft j 

17ft 16* , 16*. _ 1 

9% d67. S', — ' .- ! 
ST, 53ft 55-1 — i 
35ft 35% 35*, _ ' 

37'.- 37ft 33*1—1% 

b*: 4 -t Ki — '1 

37 37 r —1': 

7 r« 

32*: 31 31ft— ' 1% 


»% lift 

Jfy, AVitosSv 
21ft 15 Rouse 
S9Vi 49*i Rouse 

nftifv!nk!cs 
22% 141b 
70% 13ft _ 

12V, SftSHLSy 
31 12 5LMl 

66V, 5 1 '.Soften I AO 

33ft 9ftSHyltf 
16' , !2VbSIFrOTOis 
77": 2S SUude 
13 lOiiSIAftnrv .16 
7T-* 13'iSiPcaitas JO 
72'., HRiScndRro JO 
31% 10 S em rBno 
13 4V,ScntCrt 
aft 11 Sooier 
72 l4':Savow 
S*. 12 ScndBdc 
S4'.i 33ft SchdCp 

! ElffiSigSK j< 

f'ftiBBg? 

68 32 S€3med 
13% S'.SciosNov 

4?’:21%5CBW S3 
" iScreds 
Scotts 


51b 595 —9b 
18V5 18W _ 

52ft 53 tft 
71b 79a — U 


f*; $:3>'=* 


_ : 4? 

3**, 34 
ISft ir, rg 


X4 


p hmi 

17ft 16 ' j 17-, J 

Hm' 

mm 

I3l9 l?ft I Mi —ft 


6»b 6% _ 


.. 7B 3?04 1216 12 T2Jb +tt 


g??. 


S29b S2U _ 
22% 22ft— 1 Vi 


1*4 8 1343 

_ 32 244 ... 

_ - - 71 14ft 14ft 147b _ 

IJ 12 3154 27ft 26ft 27ft —ft 

IJ 33 282 13 121b 13 tft 

1A ? 433 19ft 18ft IBft —ft 

IJ 12 B 13*6 12ft 13ft tft 

_ 16 1532 IBft ISft T8ft tft 

_ 15 749 6% 


Sft Sft 


isss 8 


>.u 


fluT* 

»^2Py9rMed J4 


_ 71 271 12ft 12 12ft —3 
_ 611 14ft 14ft 14ft _ 

_ _ 1273 26ft 25ft 26ft _ 

_ 17 60 39 38% 

_ IB 280 — 

1.1 24 264 

— — 061 IP 

_ 24 284 23 . 

_ 9 535B 32 ft <131 ft . 

_ _ 876 7ft 7ft 7ft — 

XI 12 2063 25ft 75 25ft —ft 
.. 12 4085 lift lOVi 10ft —ft 

_ 20 920 20 19ft 19ft tft 

_ 14 S 31 Vi 21% 

_ 1121250 23ft 21 

4.1 17 67 27ft 27 

_ _ 1729 7 ' 6 

__ 2991 13V, 1 


site - ’ 

S5 2* 





5% 16ft tft 
21% 73 . % 

\7 17 -1 



tft is SKtnMtb 


i^^w^g&ts 

24*161 8% SttftlBB 


[ MftllftSiMTItCra 


SumBHtt 


z « 

J6 U « -gg 

3 a Sf 

_ 27 78 

Z 46 fflt 

J4 J 26 

JM J W g 

“ 26 33 

= g?2?S 

J17. J ai06g 

e » s? 

JWe .9 15 Jg? 


42ft 26 SunGrd 

SttittBSflSP 

mm 

gafsai*’ 

?2Sj w l¥SS5n 


Z 1316877 

* ^ fl IaM 

z'V® 

- 24 160 
Z 10 «8 

Z 19 Jg4 
_ 1913097 

■“ M 

Z S 1613 

11 


23% 23 23% — % 

19. 18% Mft -ft 

_ ^b -J? 

Si 

4%. 

r 

&* 

37 34ft 37 tft 

B Sft M% tft 
lift 11 lift tft 
8% 7ft IV, 

36% 35% 36% —5 
19% 18 18ft tft 
21% 19ft 70 —1% 
12ft 12% 12ft —ft 

*k 45 4 Sft —M 

24ft a% 24 —V, 

— aft 8ft— % 
12% 12% -% 

17ft 18 —ft 
13ft 13% .% 
26 37ft tft 
17% 17%— 1 
19ft 19ft —ft 
19ft 2Mb— 1% 

28% Mft 27 "“!! 

rr iLffiis 

35% 34% 36ft —*A 
33ft 32% 33% - Vi 
9ft 9% 9ft tft 
14% T5 ♦% 


26% 34ft 2616 t£ 


1Mb 10ft 


?J?5 SKfKziS 


3Dft 

» 


19% ' 


10ft iSft —ft 

42% 43% —ft 
14ft 15 —ft 
11% 18% —ft 


18 ft lOftTB^S 

a W i4%Tjftrts 
13ft 9bbTR Ff]C i 


25ft a%— Tft 
ft 31ft 32ft tft 
% 16% 17 — % 

22ft 73 

31ft— 1 




*J 8 € ^ S 


zSHSau 

_ 31 382 23% 
_ 40 J54 S3 ft 
- 17 27 13 



_ _ ru 

SB’IB 



nil 



12ft 12% 12ft „ 
22ft 22% „ 

_ . 23% 34 —1ft 
23 a — 2 V, 
7% lb 4% —ft 

mb 11% _ 

17ft 17ft — % 
74 74ft —ft 
34ft 23ft 34 —ft 
37 35V, M%— 1ft 

13ft a 13% —V, 
9 8ft 8% —ft 
50 46% 47% —2 

12ft lift lift tft 
21ft 21 31 — % 


15ft 14% 15^ -4b 


48ft IBft! 

19ft 12 1 
9% 3ft j 
11% 6%: 
n% 5%; 

Suavii 

3*iBl 

^‘Ift 

22% 9ft 
13% 7ft 1 
75b 4Jb 
39% 23ft 

26ft 34% 

41 »ft 

48 8ft 
Uft 6 
38*621% 

25% 7ft 

28% 22 

14 Bft US Fad 
45% 24% US HNTl 1 
46 IBft us Rote 
59ft 49% US Tret XOO 
19ft 9ftUMMtt* 

46ft 39 Unarm TAO 

30 TftUnwSc 

11% 6%UttMVIdS 
18ft AftVLS 
23ft 11 VcSTedi 
39ft25ftVolvBCS .96 


B* Statf 

27 25% 23ft— lft 

56% Sift 54ft —ft 


3% J% 3ft _ 
7% 6ft 7 — % 
l'-i d 7V, P/,—1 ft 
Mft 19 70 —ft 

34ft 34 34 — U 

75ft 74 14% _ 

9ft 9ft Tft -ft 
9% 9% 9ft —ft 

5% Sft 5V, _ 

20 19ft 19ft —ft 
17ft 17 17ft Mb 
5% 5ft 5ft - 
11% lift lift —ft 
13ft 13 13 

5% Sft 5% _ 

27ft 26ft 36ft _ 
24%d24ft 24ft —ft 
Mft 35% 36ft 


44% 43% 43% —1 
7ft tft 


a 18%v SSn» AO 
46 19ftVertr1tx 
30 16 Vgrifne 
30ft 13 Vicar 
S^615%Vlcorp 
23 9 VkJooL. 

30 UftVIewtg 
52 27ft VOd 
12 % 6 %‘ 
aft I2W 
21% 9 .... 

10ft 3%VM 


7Vb 6% .- 

35ft 33ft 33ft— 1ft 
10ft 10% 10ft tft 
25% 25% 25% —ft 
9 d8% 8%—% 

42ft 3f"/i 40 —Mb 
35ft 34 35 — % 

Sft 52ft 52ft _ 
IBft IBft 18% +ft 
40ft 39ft »ft _ 
7% PA 7% tft 
7% 7% 7% —V. 

14% 14ft 14ft —ft 
15ft 14% 14% — % 
36% 36ft 36% -ft 
29 27% 28% -% 

24ft 24ft 24ft tft 
22% 21 21% — 1% 
19 17% 17ft— I 

27 24ft 25% — 1% 
16% 15% 16 
IB 17 17 —ft 

26% 23V, 2 Sft -ft 
47% 45ft 65ft— Ift 
7 d & 6ft— 1 
>2Wd71« 17% — W 
17ft 16% 17 —1 
5% 4% 4% — % 


W-X-Y-Z 


PA 4%WCTOn 


„„ _ 37 517 

32 14% WU? Fd J2 1.0 22 677 

37 23%Wdbn> AO 1A 20 115 
13V, SViWcAdrt _ 36 406 

60 WWW aUOata - 42 3750 

26ft 20ft WFSL Jib ill 1 m 
28ft 15%WMSBs A4 13 7 5788 

ytfBItiBSK 

79 16H Watts tats J2 


JO 


.96 


35 21ftWausPs 
14% 5%WoHek 
87ft»%Wta0m» 

33% 18% Warners 

32 22%WsfOnes 
24ft 10ft Wstcots 
2D7iT2%WstnPt> 

26% 18% wretHkj s 
25%15%WMFdS 
59%3S%WiBants 
38ft TftWtnSons 
31 23%W8mTrs UP 
13ft 4%wtndRfvr 
76% 38 WlscCT 

29% lSVrWondwro 
73 14%WldAcp 
21% 16ft Worths S 
7% 3WXQMA 
25ft 17% X fete 
59ft 29ft XfllrtX 
28% 7%X*a*n 

33 12ftXytogtc 
30 ISftXivtix 
30ft 76*fcYefewCp 
36% 16% Yaunker 
MJS 23% Zebra 

40ft 21% 

49 36 

43ft 16%Za8Med 
17 9ftZaamT1 


“Si & 

.9 19 270 
J 18 1883 
_ - 1114 
_ 5514784 
A 22 1785 
ZA It 1760 
_ 41 9163 
_ _. 2463 
X7 _ 315 
_ 29 3194 
XI 73 1641 

- 50 1764 
3.9 11 456 

-166 190 

- 31 135 
_ 49 361 

24 140 
24 744 
_ 1239 

30 283 

31 6520 
» 8440 
19 569 

_ 12 1287 

. 

- 23 3112 
_ 19 1265 

- 23 969 
1.12 U f HI 

_ 41 2946 

- 16 894 


-36 


.16 


IJ 

J 


•W 


6% 5% 6% - 

31% 30% 30% tft 
29 Vi 29 29 —ft 

10% 9% 10ft - % 

43% 4015 47 
21% 71% 21% tft 
19% 19% 19% —ft 
99 €98% 99 —ft 

16ft 15% 15% —ft 
24% 23V, aft —ft 

30% a a —1 
7% 6% 7% -% 

73% 68% 72 tl 
29% 27% » t% 
27% 27% 27% —ft 
21 17% 19%— tft 

15% 14% 14% —ft 
aft 72 73 _ 

18% 17% IP*— Tft 
47% 45 46ft *1 
36 3|% 33 —ft 

25% 25 25% —ft 

6ft 6% 6ft -ft 
71 Va 70 71 -1 

17ft 16% 17ft 1 1 
18ft 18 18% —ft 

20ft 19ft 19% _ 

4% 3ft 3% - 

21% 21 21% _. 
49% 4PA 48% —ft 
23% 19% 22% -ft 
18% 17 17% —ft 

17ft 17 17% — % 

36 25M 25% —ft 

18% -17ft TB — U 
35ft 36% 35% — ft 
17% 16% 16% — 1 
33% 32% 32ft —ft 
38% 37 38% -ft 

WI 28ft 29ft— 1% 
IT 10 10%— 1 


12 Month 

Htfiiwawi 


Otv YkJ PE 1005 Ugh Low Latest Oi'oe 


BBS*. 

jjft 's% 


20 dJ9ft 

12 12 





1 f« 

ffibUftg utfne. 2 ^ 

fa Z ” 


_Q-fcE_ 


8ft 


l 


Cifi®-. 

8ft SV,Daxor 

l|* 


I 1 1 — Vu 

% 

2. ift 1% _ 

Jft 6% 6ft — % 

^ VZ ft 

Sft 8ft —ft 

‘ .35 


4% 2ft[ 

7 2%[ 

PA 3 

19% » 

*5v. 

7‘.'4 „>cx«nnc 

vtmsar 
|S ' 

ft 10, c 

!% igl 


4ft Dt - 


1: 

" v “ « Jgz 

13ft 13ft — 


iDucom 


a 



T % . . _ 

141b 13ft 13ft — l. 

ft 'K 

9ft 9ft 9% _ 

4 3% 4 tVtr 

10% a 5ft io% _ 

2_ I'*, 2.. — Vu 

2ft 2ft 2ft 
MW 50 M 



3ft 9ftEnaeic 
HWEntope 


2ft S?2 l% — ft 

5% 5% — % 

2% 13 —ft 


16*1 

12V. 10 EOGttd 
12ft 10W E0Gth3 
i|% v jmjusii 
lb 3%Escoan 
IS'/, 13'bEww 
5% ViE3SFn 
16ft 7. EbLov 

19% ISlbRnFtO 

if£ 


2-30 14J 
1 AO 14J 
1 AO 119 
A8e 4J 


5% 

BBd 

15% 

11% 

lift 

15% 

4'b 

14ft 


14 


— H 


Sft Ifft Jft 

Jlft 11% -ft 

15 15 —ft 

14 4 * l2 V ‘_* 

—ft 


A4 ll 


3J0 4A 


B'b 8% BV. — % 

1& ifa 

Ji S 

34ft 34ft 34ft —'A 

lift 11 lljb — ft 

ift=£ 




ISft 17% i 

15*413 FIFAIa 

17 av.Fkx^an 

27 17HFW*Gt 
34 V, 24ft RaRCfl 
27ft 20% Fluke 
15ft 19 Foodrm 
127 DlV'jFordCna 
44'..79:,Fgr5lCA 


1 34ft a% 34 
I 70% 69V, 69ft 
p 15% 15% IS**, —ft 

I lift lift lift —ft 

low 10% low -. 

1 5ft Sft Sft — W 

1 18% IBft IBft — % 

Uft lift Uft ♦% 

140 146 140 — % 

1 14% 14% 14% _ 

1 BV, 8 8% — '* 

I 32% 22% 27% —ft 


26 ft 


13 . 

27> J/V. 27% —ft 

12% 12% 12% 1 ta 

116 116 116 1 1 

42% Jift j]'.. — Vi 


12 Month 
HW Low Slack 


Dtv vid pe 1 dos non Low Latest or ae 




_ 75 2468 4314 

FounfSrs Z Z 
,n AS ItLS 

5ft J 'FrkSetn S U I 
5fi 3ftFrfc5upn 


% 42% 


MUf «a 



— % 


-% lSzi 

tS 6§ &*J z 
2of iffil ift ft A 


High Lon Slock 


9s 


CVv YM PE 10(S tkgh UwLctetforge 


12 m»*h 

High Low Slock 


9s ( 12 Month 

Div YM PE )00» Mgh LowLatedOVae Holt Low Slock 


BV, ^L flJY wt 453 i. 6ft 6% 


J% %Lk_ 

J t&S? 

>%Lumex 


TOftlltal 

vti 


- .. 45 ft -I _ 

JO IJ 17 lffl 70*. 70% 70*, _ 

108 1 6* a 16% f6V. — Ci 


g>|KK 


4% 2'AMC Shp 
l’/p* %MippT 


L IJ^MocWSe A4 


« -i 

__ if K 751 

?i‘ ia riasS4rY ,ju 7 -i 1 745 

2% 1 Marl ton _ - 10 

13%IWai3HEn J30 60 - 13 

8%MavTube ... 2D 734 

14% 71 ft Mmcom _ 5? 

0% 5%McRgeA J5 4.1 9 25 

4% 9ft TAeOcP . . _ 202 

14% SftMhdevo JOe li 3 43) 

31% 18 Media *44 XD 73 747 
MedaLaa _. 5 195 

1 

4 

T2 



ft ft 


i?v,dt7; 



IBft 18% 1B« — % 

iT « k-2 


»%25' , Pwrtn5 

.r 


.90 XB 71 
AOb IJ 23 
3 IJ 22 

.12 2 ^ I 


4V. IViPortpgn 


20ft IS 1 ., ProtLm 
2V*u ItaPrpdLg 
Pu •iPmOA 


13ft 13jS 13^ Z 

u 1% j%=s 


|% 4? % 7<b 


2ft d 2% W,; —lb 

ft nr A z 

9’., B> BJ, — % 

S3 15 


Jf«S ^atj-3 


8 d 7*i tft — % 
3% 3% 3V4 — % 

Aft 6% bft —ft 

S% 5'b 5% ♦ 1 1 

& 4Ss«s^« 

»*■, 9", 9ft — ft 

K'a 8ft Bft — • 1 
18*. 1811 1BV, — % 
lO'b ID'S 10’i .„ 

'71a 37% ?7ft _ 

5% *!« 5 —la 


- - - 

4 «“ i?* d !S* — 


Jta 3ft 3 V. —ft 
lift II HI, >'a 
4 d 3}a 3--, —ft 
7% 7% Pa _ 

13% 17% 13% p-'a 
8ft 8% 8ft —'A 
16% 16 16V, 

5*a 5% Sft — ' 


JlS 9*3«S 


tad 


)><• 


«s%=x. 

33* 32% -% 

« f* ft ='Z 


jX^JSSt, 

25ft 5% ntelcm 


JDft JOV; )0W —ft 


ll^ 1^ !np«v 


.gbioisz? 

16ft 15ft ISta — ft 

?% -C 
14% —Vl 


5% 3% 1^1 
6% iftfriFi, 

ft MSS* 



15V, 12W MMDPJJ n .68 5J 
' ‘2HNvMrP2 .7* 5.9 - 

:3 23 z 

WhUtaNNYMI .76 6J - 
16 ISftMvOHPI .78 SJ _ 

".U^BBSSS jl a z 

]agJ%Effgg n ft li = 


ll'-.d 


17% 


I 11 


ft 


lj'.-r 7% 13% 

I Ota 3 13 

7 12 _■ 

74b 17'-, 

7ft 17V, _i 


11*, lift lift ^ 

" " 123* -% 


1J*7 lift 
13% 13% 13% 
IPAdllta 11% —% 
12% 12V: 17'-, ... 

17'-, d 12', 17', — 

ir'. 12% isC, 



"U j’.b 

ISft 15% 

3% 3Va 

2% 2W k ... 

ft ft ft ... 

2^ JSt 7% .5 




6 % 




llftl 

H ISi 

7Vi, VbJesrjjnte 
13 9 Jonelrtf 

3Vb 1% Joule 


53 A 


6 > 6 % — % 
64b 6% — % 

1% 1% 1% Z 

jjl Jfvu hS^J 

?3_ Kti-ZZ 


Uft 6 OOt lop „ _ 136 

HuCfiriCT .. ^ 1415 

12% 8%reu1lvvi J8 X7 ll 1197 

50 » OtiArl Jia .9 34 I 

34%S Ststens J4 .7 _ 841 

** Bssssar 1 - - imS 

. fwOrfeMB JO 7jj f3 121 

- 2- HS 

.AllVirtSC ,90a 63 17 66 

UbMftPSBR .. I AO 10.7 13 7 

J'.bOWPcEnpfA 4J6 8.1 .. :10O 


10% 10 10% 
Ift. 'ft. I. 
10% 10V. 10', 
2 s .. 28. - 
33 ft 31 lb 32% 
2% .2;v 7V, 


13V. 10% 17% 
lot, 10 

r r 5 ' 


— V, 

-1 
— % 

* % 
— ta 


15'., 15% 


12ft . 

12Vi 7WKVPhAn 

5V, 7ftK3am 

JSiiaisP 

10% 

10% - 
9ft *ft> 


3»K<rarr. 

13ftXMnr 

TftKBMtg 

4%KlsrVus 



. .. 5Vj Laser 
7% 2ftLwTedi 

2 ftb £%* 


3% lft,l 

9% MLBEurwt 
49 AlWLehAMGMBM 6.9 
34ft 9ft LahORCL 1X31 7.0 
13 SWLChYcn ari 


6% ni„ 

in 'ft 

51 Jb 50% SOW— Ift 
9W fft 9ta _ 
9Va 8% 9% 

Sft 31ft 37% — 4b 
lOVb 10 To — >6 

1% r* ta - 

4ft 4ft Sft-C 

21ft 20% 71 —ft 
■0 10 10 _ 
4% 4% 44b —ft 

8ta 8ft «% _ 

15ft 15vS 15 v5 "^8 

111-3 

51, 5 5 —4b 

1 % tft IV, — % 

8ft Bft Bft —ft 

P K us -5 
n 1% & z 

47% 47% 47% . V, 
33' , 32% 33 
S'Vu 5% 5'.% — Vu 



16 


IS 


7.2 


»ft 17ft 

->16% 

._ :1S% 

»ft26ftPGEpmi 1.96 7 A 

28% 76% PGEpfO 7.00 7 A 

28% 77 li PGEpfP 2.05 7J 
36% 24 PG&rtO lit 7 J 
26% 23>,PGEo€U 1.76 7J 
76% 3(/. 


S% 


s 

14 

in 

*19 


97 


18% 17’JPocGlfn .IBs I.D _. . 

81% 66 Poatpt 5J» 7.4 .. ZU 

lift 4 PWHKwt „ _ _57 

STSUte : r. Hi 

M 3 PWUSJwt _. _ 797 

. __ isg 

“ - 'S 

a 


53V, 53% 53’b 
71% TO", 20'a 
ie% iv ft — 

17%dl7% 

17". 17ft 
16’ . d 16% . . 

16% 16% 16% 
isvaaisva ISta 

77 26% 26% 

77",dM% 77 
27% 77' 1 27% 
7SVad23% 24", 
33'.d23% H% . 
S3%d23 » 

17% 17% 17% 


68 



.71 


.96 a 7A O 
1JB 0.7.1 74 


Sft 5% 

4>iil 4% 4 V, 

Sft 5% S'., 

9% 94k 9% 

31, 3 a . 

2": d 71, 2% 

17% 17ft 12% 
44b 4ft 4% 

12 I7*> 13% ■ 

14% 14% 14V. . 
144b 14", 14% 




Srt 1 -K f K « ^3 

AGhl iXJB W .. 22 

g - ^ 

ll z 


pa* YM PE im Hfth LowLoteslCh'09 



lltib Sft 
39 ft 23 

’far* 

JO Jjfs 
SftVKFLOn 11 J^a 5J Z 

p m ifay - 

Z ft 

I® 

Ifti ftyarortc _ _ 

154b 13ft VgyAZ J2a 5.9 

1544 14WVoyO0n Jf (4 ‘ 

]pl3 vSJni Jl 6A Z 

1/ IStaVoyMN J3a 5.9 

15ftl4%vSyftwo J35?7 - 



- pi - ‘ 

• fi . , ( 

■ :l 


tveljf 






ft. 

55 ! 


41 


M 1 

'pg ^ 

126 94b 

39 7ft 
468 ft 

3 14 13ft 

40 Uft 14ft 

' !L.«>i2W 

. 15ft 15ft 
10 14ft 14ft 


m - 



13ft 1--. 
IS'.', 12': 
Uft 12 . 

n ft 7 Stl 

10ft *%s 

46 30%! 

ift !fel 

sew! 

6% IV, E 

■sf 


en dNWhWI* XI 

40 lStaVniDlS j44 \A 15 612 

iSgS:5 - ^ 

?ft.3ftsoi!pel_ » 

UK 7J : 

IJB 7.7 _ 10 

S-W assfgte ft z ^ 

24% 1 1 % SoUCo S 


iraaaE ,jn 


gsiasa 




" in. 




454b 34 FennTr 
30% K PenRE 
Uft 9%PorinlC 


,ioe J SS Bja 
lJJOd 1.9 13 TO 

' " 7 -’ sS \u 


pf 2.12 9.0 


25% 51 I 

MW UWPhiLD J3e A 19 2507 
Bft 2%Ptin*Los .. _ ,?6 

aiYl'V n Ptixri€M — _ W 

»%77%PnnaRs OSD .? a 199 

5 I'bPiwPd ..75 III 


19ft 19% 19% 
52ft 52ta 53% 
38'b W% 38% 
24'b 23% 73V, 
13 17". 13 

33ft Z34t Z3ft 
Ta ,14b 3% 
63! , Soft 62 
341 2% 2% 

V 3Hp. 3-*.. 

7/%d2Pa 27% 

J*i }■■< Ita 


— ta 
• ft 

— Va 


>% -~ 

5% Sft 
6% 4 

‘»/p,4>ii 

law _5 stomH 

37% 25% swoon 
l^j I'A^^ El^ 

1 1 l A4'<WStrutner 

17ft ,%S€vteVld 

iiJMSiKSff'. 

6% 2%SunNur 


_ 16 


138 

wt _ 1*1 

,-13 SJ 34 BO 

t ire 8 fi .im 

81 If 14 3 

.. 14 1664 

UM 703 *3 S 
_ 37 364 


A4 7=51 


#*S1 

-3W- 

30 37ft 77% —ft 

'ft 

41Vu 4% «5% 

lSta if 

10ft ii 




lift 3%vJunJr 

T*'ifc!3b?:8 1 ,a L’ 

2% tbSUDinun 
.0. 3. 5EtKpwf 


,1ft TJbTJE 




4"% IV 

6W 4 T5F 

Si fHIi&Ss 

14% OftTo&ly 


^-.SgSL 


II’. 64 

21 IIITmP 
iTcfctte* 


40 77*, 1 


sir 4* _ 

X? U 30 
ua s 

j if 4 

IJ 19 327 


?J»=S 
. >-» 

£ K l-'f 

lift J& iti — d 

ffe IP \ft -S 

37V, 36ft 36V, — 1% 



*— SgjflDrty taw. 


^ * occumutanv * 

SiihiR hSwS 52 "^ 8 -^ ™“' «»*Hown»>o begin* 

"d “ next ttav dd Ivory. 

atvtaSi? 0, ^* <1 ^ BO * d ^ Pf«on*t* 12 mwiu P*t*« 
WvU,!n * hWra wtm dota^ MspW. 




'^taib - 

• ^ 

'«n\ d,. 


ponies. 

s'-*,SSf ma 

ww — *ja> e w TTo mv 
! cw ~ w i!T 1 gyi wo rr t n m . 

e— sales in fUL 


K -p^a rooroontto d ty 
mourned by (uch cam- 


S‘; 





u tioi 


Nippon Steel 
Expands Its Cuts 
.To Executives 


Cmptled by Our Staff From Dispatches 

TOKYO — N'PPon Steel Coro, 
said Wednesday its three-year 
streamlining project would include 
tnmmnig administrative and possi- 
bly directors* positions as well its 
previously outlined goal of culline 
7.000 sted-related jobs. & 

The steelmaker said its plan, 
which begins next month, now 
called for eliminating 46 of its 280 
management positions and perhaps 
reducing its total of 48 directors. 

But the company said it still did 
not plan to lay off employees. In- 
stead, it plans to make the reduc- 
tions by reduced hiring, not filling 
vacant posts and transferring some 
employees to its affilia tes. 


Dispute Ended, 
ADB to Double 
Capital Base 

Agemv France- P raze 

MANILA — The Asian De- 
velopment Bank board ap- 
proved Wednesday a 100 per- 
cent genera] capital increase, 
to nearly $48 billion, to meet 
the financial needs of a boom- 
in gregion. 

The decision marked the 
end of a dispute between the 
United States and Japan over 
future operations of the insti- 
tution. They had clashed over 
the proposed capital increase 
at the bank's last annual meet- 
ing in 1993, with Tokyo and 
borrowing members arguing 
strongly for the 100 percent 
increase. 

Washington, hampered by 
domestic budgetary problems 
and supported by European 
donors, had demanded an in- 
quiry into how the bank’s 
money had been spent. 

Tokyo and Washington 
each hold 13 3 percent of vot- 
ing rights in the bank. 

In an apparent concession 
to Washington, the bank has 
moved to cut expenses and be 
more selective about the pro- 
jects it finances. 


“Business conditions are much 
more severe than they were during 
the oil crisis in the 1 970s," the com- 
pany’s president. Takashi Imai, 
said. “To tackle the crucial condi- 
tions, we decided to aim at a small- 
er administration. 

Nippon Steel said it would save 
one-third of the 300 billion yen 
target over the three years by cut- 
ting employment, another one- 
third by upgrading production 
technology and cutting operating 
costs, and the rest by reducing what 
it spends for raw materials and 
through other measures. 

The company said it would cut 
capital spending to 340 billion yen 
over the next three years, a 40 per- 
cent reduction from the three years 
now ending, and would cut inven- 
tories to 60 billion yen. a 15 percent 
reduction. 

Another big steelmaker, NKK 
Coip.. said two weeks ago that it 
was raising its three-year target for 
job cuts to 4,500, or 26 percent of 
its work force, from 3,200 previous- 
ly announced. (AFP. Reuters ) 

■ Output Remains Sluggish 

Japan’s industrial production in 
February rose 0.2 percent from the 
January level, but the Ministry of 
International Trade and Industry 
said it was still down 41 percent 
from a year earlier, news agencies 
reported. 

The small February increase fol- 
lowed a 1 percent jump in January. 

“We need to confirm more indi- 
cators before judging whether in- 
dustrial output hit a bottom in the 
October- Deormber period," a min- 
istry official said. 

(AFP, Reuters ) 


Massive China Bond Issue 

( Banks on Strong Growth 


Reuters 

BEIJING — China is planning 
to launch its largest annual domes- 
tic bond issue since 1949 this week, 
and economists said Wednesday 
that the government is gambling on 
strong economic growth in order to 
pay investors back. 

Starting Friday, China will start 
selling 100 billion yuan ($11 bil- 
lion] m two- and three-year bonds, 
mostly to individual buyers, in an 
issue more than three times the size 
of that floated last year. 

“This issue is a dangerous gam- 
ble,” a Japanese economist said. 
“The authorities are gambling that 


Tokyo 

Pacific 

Weekly net asset 
value 

on 28.03,94 

Holdings 

US $ 249.77 

r ^ 

Listed on the 
Amsterdam 

Stock Exchange 

Information: 


MeesPierson Capital Management 
Roirin 55, 1012 KK Amsterdam. 

TeL: +■ 31-20-5211410. 


Mi'S- 




advertisement 

IMPERIAL CHEMICAL 
INDUSTRIES PJLC. 
(CP K« ) 

The undersigned announces that the 
Annual Report and Account* 1993 of 
Imperial Chemical Industries 
pXe. will be available in Amsterdam 
at: 

ABN AMRO Bank N.V. 
MEESPIERSON N.V. 

COMPANY N.V. 
Amsterdam, March 29, 19M* 


the economy will grow rapidly and 
steadily enough so that they can 
colleci’eaough taxes to pay it back.” 

But an official from the finance 
Ministry defended the stability, of 
the issue: “We do not consider the 
sum dangerous.” the official said. 
“We have never failed to repay do- 
mestic bonds. If the society is sta- 
ble and the economy grows steadily 
there will be no danger.” j 

The Finance Ministry has said : 
that beginning this year, it would 
finance the rising budget deficit en- 
tirely through bond sales instead of . 
issuing more money, which it said 
would be inflationary. 


ADVERTISEMENT 

THE BRITISH PEIROLEUM 
COMPANY PJX 

(CPUs ) 

The undersigned announce* that the 
Annual Report and Account* 1993 of 
The British Petroleum Company 
pXc. will be available in Amsterdam 
alt 

ABN AMRO Bank N.V. 
MEESPIERSON N.\. 
KAS-ASSOCUTTENY 

AMSTERDAM DEPOSITARY 
COMPANY N.V. 
Amsterdam, March 29, 1994. 


advertisement 

INGERSOLL-RAND 

COMPANY 

(CPUs ) 

The nnderragned announces that the 
Annual Report 1993 of tagwseO- 
B.nd Company wiD be available (n 
Amsterdam at: 

ABN .AMRO Bank N.V. 
MEESPIERSON N.V. 
KAS-ASSOC1AT1E N.V. 

AMSTERDAM DEPOSITARY 
COMPANY N.V. 
Amsterdam, March 29, 1994, 


HcraliQte&rilmne 

OVING IN THE U.S.? 
Now Printed in 
iWYork 
For Same Day 
Delivery in Key Cities 

TO SUBSCRIBE, CALL 

1 - 800-882 2884 

(IN otTcALL 212-752-3890) 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, MARCH 31, 1994 

Property Bonds Sag in Hong Kong 

A Step Backward for Colony’s Nascent Debt Market 


Pajfe IS 


ASIA/PACIFIC 


The project includes a previously 
announced plan to reduce the work 
force to 20,000 in three years by 
eliminating 4.000 white-collar jobs 
and 3,000 engineering positions. 

Nippon Steel said in October 
1993 that it would aim to raise 
parent-company current profit by 
300 billion yen (S2.9 billion) over 
the three-year period, in part 
through those job cuts. 

The company has said it would 
have a loss of 19 billion yen in the 
year that ends Thursday,’ reversing 


Bloomberg Business News 

HONG KONG — When three of Hoag 
Kong’s most famous real estate developers 
lapped the London-based Eurobond market 
last fall to raise Sl.l billion, it was widely 
viewed as a major step forward for the British 
colony’s nascent debt market 

It turned out to be anything but The 
original investors who bought the corporate 
bonds of Hong Kong's elite property compa- 
nies — Cheung Kong (Holdings) Ltd., Sun 
Hung Kai Properties Ltd. and Henderson 
Land Development Co. — have watched the 
value of their holdings plunge. 

The underwriters, Morgan Stanley & Co. 
and Goldman, Sachs & Co„ are bolding from 
one-third to one-half of the issues on their 
own books, according to rival firms in Hong 
Kong. To unload the bonds, which appeared 
to have been priced too high, they may have 
to sell them at far lower primes. 

Goldman attributed the downturn in bond 
prices to the “decline across the board in the 
Eurobond market" in recent months. 

The braid markets have been hit hard since 
early February, when the Federal Reserve 
'Board, the U.S. central bank, began pushing 
up short-term interest rates. This move sig- 
naled to investors around the world that 
inflation, the bond market’s nemesis, was on 
the rise, and they have been dumping fixed- 
income securities ever since. 

However, Goldman denied that it was sad- 
dled with a lot of unsold bonds, noting “the 
firm generally holds a position in such issues 
for trading purposes." Morgan Stanley de- 
clined to comment on the situation. 

What happened? Top begin with, investors 
have ample reason to be wary of the bonds. 
Like most other Hong Kong companies, the 
three issues in question are not rated by major 
credit-review companies such as Moody's In- 
vestors Service ana Standard & Poor's Coip. 


This is thanks to the fact that until recently 
there was not much of a corporate bond 
market in the British territory. Without im- 
partial rankings, investors cannoieasily mea- 
sure the risk they are taking. 

Another concern is that Hong Kong's real 
estate madeet may be beading for a big fall. 
After rising 150 percent since 1989, local real 
estate brokers say office rents will rise 60 


The original investors 
in corporate bonds of 
Hong Kong’s elite 
developers have watched 
the value of their 
holdings plunge. 

parent this year, malting Hong Kong the 
world’s priciest real estate marker. 

That kind of growth is unsustainable. 
Should the boom ram bust, “it will affect the 
cash flow of the three companies.” according 
to Joseph Lau, head of fixed-income invest- 
ments for Schraders Asia in Hong Kong. 

What is more, Morgan Stanley and Gold- 
man, Sachs apparently tried to bring the 
bonds to market for much more than they 
were worth. As a result, the price has fallen 
sharply in the secondary, or trading, market. 

Consider the 5300 million offering of five- 
year bonds fra Henderson Land that Gold- 
man underwrote last November. The bonds 
were priced to yield 95 basis points more than 
five-year U.S. Treasury bonds. 

Braids that are denominated in U.S. dollars 
are often compared with U.S. government 


securities: Yields on bond issues are given as 
spreads to Treasuries of comparable maturi- 
ties. This measure provides an idea of how 
corporate bonds are trading relative to the' 
entire market, with UB. government issues 
providing the benchmark because they are 
considered to be free of default risk. 

The spread is expressed in basis points, or 
one-hundredths of a percentage point, The 
riskier the corporate bonds, the more spread, 
or yield, an investor is offered to compensate.. 

Since the Henderson bonds started trading 
fredy in the secondary market, the spies] has 
widened to PC basis points from the initial 95. 

The stray is about the same fra Cheung 
Kong, Hong Kong's largest real estate compa- 
ny. In September it sola 3500 million of five- 
year bon ds priced to yidd 83 basis points more 
than its comparable U.S. government security. 
,Tbe spread has widened to 122 basis points. 

Analysts suggested the bonds should have 
initially offered much higher yields to reflect 
the risk of Hong Kong's real estate market 
collapsing — not to mention the reversion of 
the territory to Chinese rule in 1997. 

“There are solid companies in Mexico, 
much stronger than these,” Mr. Lau said, “and 
their braids are at 250 over (Treasuries).” 

No Hong Kong companies have gone to (he 
Euromarket, the U.&. or indeed to any other 
major public debt market, since November. 

In the meantime, underwriters are trying to 
sell investors on convertible bonds. These al- 
low investors to convert their bonds into the 
issuer's common stock at a fixed price. 

“In emerging markets which are a very vola- 
tile sector, it makes more sense for investors to 
have an equity participation in a company so 
that risk and reward are more appropriately 
balanced. ” said Simon Ruckert, general man- 
ner of investments and treasury at BNP Inter- 
national Finan cial Services, the private-bank- 
ing subsidiary of Basque National de Paris, 


Government to Cool Feverish Real Estate Market 


Compiled by Our Staff Front Dispatches 

HONG KONG — The Hong 
Kong government, in its strongest 
stand yet against real estate specu- 
lators. said Wednesday it wiD uy 
to reduce prices in the colony’s 
feverish property market 

“Our aim is to produce a credi- 
ble package of measures which 
wiD not only increase the supply, 
but be sufficient to reduce 
prices,” Financial Secretary Ha- 
nnah Madeod told the local par- 
liament, the Legislative Council. 

“Our aim is to start a down- 
ward trend in prices, not to keep 
land prices high.” he said, adding, 
“It is not possible to fine-tune 


property prices, but only to 
nudge them fairly crudely in a 
particular direction." 

On Tuesday, Governor Chris 
Patten said rising real estate prices 
have become his No. 1 domestic 
priority. He said this would re- 
quire “exceptional measures.” 

A 953-square-foot (88-square- 
meter) apartment near the Cen- 
tral district was advertised on 
Wednesday far 6 million Hong 
Kong dollars ($777,000). Office 
rents in the Central bustness dis- 
trict are as high as 100 Hong 
Kong dollars per square foot 

According to real estate ana- 
lysts, much of the money fra spec- 


ulation comes from China. Hong 
Kang’s low interest rates are also 
driving the boom. The banks' best 
lending, or prime, rate is 6.75 per- 
cent, compared with a government 
inflation forecast of 8 5 percent for 
this year. 

Mr. Madeod said a govern- 
ment task force to be established 
in the next few months would 
examine ways of expanding the 
limited land bank and spending 
up the supply of property to the 
market and redevelopment op- 
portunities. 

Mr. Madeod said he was pre- 
pared to consder additional gov- 
ernment funding for housing pro- 


jects and to increase land supplies 
if a case could be made. 

Mr. Madeod did not rule out 
resorting to a capital gains tax 
but said such measures elsewhere 
had led to mixed results, from 
driving prices up to causing the 
market to collapse. 

Increasing supply was the most 
positive effort the government 
could take, he said. He added, “If 
(hat does not succeed then I shall 
be forced reluctantly to review 
other options, including the capi- 
tal gains tax idea.” 

Analysts said increasing supply 
was the only solution open to the 
government (Bloomberg, Reuters) 


REPUBLIC OF VENEZUELA 

CVG-ELECTRIFICACION DEL CARONI, CA. (EDELCA) 
CARUACHI PROJECT 

CONTRACT Na 103-31 
1DB LOAN No- 788/00 VE 

CONSTRUCTION OF THE POWERHOUSE, CONCRETE DAMS; 
AND SPILLWAY AND INSTALLATION OF AUXILIARY 
ELECTRICAL AND MECHANICAL EQUIPMENT 

| PREQUALIFICATI ON OF BIDD ERS f 

1. OWNER 

C.V.G.* Electrification del Cainni C A (EDELCA) 

2. PURPOSE OF THE PREQUALIFICATION 

The purpose of this prcqoaldication is to invite companies specialhed in the 
construction of hydroelectric projets, from any member country of the 
Intcramencan Development Bank (IDB), to present die documentation required to 
nrequalify in the bidding process for construction of die works under Contract Na 
103-31 of the Caruachi Project. These works basically include the Powerhoure. 
Concrete Dams, and Spillway constructed on foundations excavated by others, and 
the Installation of .Auxiliary Electrical and Mechanical Equipment. 

The Powerhouse will have a length of 360 meters and will comprise six 
monoliths that will house 12 Generating units. The Powerhouse will also include Its 
corresponding service hays pun one 60-meter erection hay. The Main Dam will 
include the Intake structures, integrated with the Fowerhouse, comprising six 60- 
meter wide monoliths. The Spillway will be the overflow type and have a «mcth of 
178 meters and nine radial gates. The Installation of Auxiliary Electrical and 
Mechanical Equipment will include the following; Trashradts, Bulkheads, and 
Gares for the Spillway and Intakes; Ait Conditioning System, isolated Phase Busses; 
Generamr Switchgear; Distribution Transformers and CoorrrJ Beards: » well as the 
embedded pans for the Hydraulic Turbines. 

The other portions of the works, such as the supply and installation principal 
Generating equipment and the supply of electrical and mechanical equipment, will 
he accomplished thruugbt a separate bidding process. 

3. FINANCING 

The works will he financed by EDELCA with its owo funds and hum IDB Loan 
Na 7SSVOC-VE The contracting of these worts and the acquisition of goods under 
the IDB Loan is subject to die conditions in the loan agreement. 

4. LOCATION OF THE PROJECT 

The Project is Ircated ar a site named Caruachi cm the Caronl River, about 36 
kilometers from its confluence with the Orinoco River, in the Canmi District of 
Bolivar State. Republic of Venezuela. The closest population center is Ciudad 
Guayana {30 km), which is composed of the cities of San Felix and Puerto Or daz. 

5. CHARACTERISTICS OF THE WORKS 

The works to be executed under Contract 103-31 will essentially comprise the 
construction of the Powerhouse, Cnncrere Dams, and Spillway and the Installation 
of Auxilary Electrical and Mechanical Equipmenr. 

The estimated construction quantities far the principal structures are as fnlliws: 


Integrated . 

Powerhouse 517,600 105,000 1-243.800 

Dams 43.000 4.030 355X00 

Control Building 27,170 810 6.750 

Spillway 89X00 18.700 254.150 

Total 676,770 128340 1.859.700 

The Spillway still have nine radial gates each 15-24 meteis wide by 21.66 meters 
high. . , . 

Each intake monolith will contain two intakes with three pates each 
approximately 5.8 meters wide by 16-5 meteis high. 

6- DELIVERY OF PREQUALIFICATION DOCUMENTS 
Companies interested in participating in rhe FrequaJifjiradon rr«ew must 
obtain the Prequalificarion Document. This Document is available in me offices tf 
EDELCA's Direction de Esnidte e Ingenicria, located on the 10th floor. Torre Lb 
M ercedes. Avenida La Estancta, Chuao, Caracas, Venezuela {FAX No. 02-9t»- 
1696). Tbe Document is being delivered since March 10. 19**4. upon receipt of a 
Cashiers Check of Bs. 25X00. in the name of CVG-Electrificacion del Caranu CA 

(EDELCA). 

7. PROCEDURES FOR PREQUALIFICATION 

The prequalification of bidders will be determined on the basis of legal, 
technical, operational, and financial capacity information requested in the 
Prequalification Documents and in accordance with established procedures. 
EDELCA has fanned a Committee to analyte and evaluate the documentation that 


Master read ing and 

language 




IN THE NEWS will help those perfecting their EngHs 
to become independent and efficient readers. Through 
compelling news and feature stories, essays and editorials, 
you will not only explore thought-provoking contemporary 
issues, but also investigate intriguing questions. 


FORMWORK 

REINFORCING 

STEEL 

CONCRETE 

(m2) 

(metric tons) 

(m3) 

517,600 

105,000 

1-243.000 

43.000 

4X>30 

355X00 

27,170 

810 

6.750 

89,000 

18.700 

254.150 

676,770 

128340 

1.859,700 


ht sent to the IDE. , 

EDELCA will sdvfce in writing those companies rhar are prequalined to (present 
bids. Likewise EDELCA will inform the companies that art not prequalined- 
EDELCA will publish a notice In rhe newspaper of rhe list of companies 
pmjualified. 

8. SCHEDULE FOR PREQUALIFICATION , ... „ 

• The reception and opening of the Qualifications of pnapecnve htdden wui 

take place at <H)0 tun. on May II. 1994 In EDELCA's office building, in Alta 
Visa, PuencOrtB, Bolivar Sore- , ,ooi 

9 The Fmhahtu init iat inn .if rhe Froceg far the Preparation of Bids Sqvan b« 1994- 

. * Approximate amt of eonKwerinn: July 1995 

* Apprusinunc end of construction: December 2001 

The Bidding Gmunfew* 


American educational publishers, provide a complete 
framework for improving reading and language skills. 

The IN THE NEWS package, in a vinyl storage case, 
consists of: 

B Tbe Manual ( 160 pages) with articles grouped into 
thematic sections: News, Opinion, Business, Education, 
Arts and Leisure, Science and Environment Sports. 
Every article is followed by exercises to help readers 
better understand its main points, vocabulary ana idioms. 

Each section includes a "Focus on die Newspaper" unit 
designed to familiarize readers with the characteristics of 
journalistic writing and enable them to analyze the content 
and viewpoint of newspaper articles. 

a Three audio cassettes with readings of selected articles 
from the manual, to help users improve comprehension 
as they explore challenging articles. 

IN THE NEWS is an excellent tool for improving your 
English -and is a perfect gift for colleagues, friends or ramify 
members who are studying English as a foreign language. 
Order your copies today! 

- — ItcralbSSribunc — - 

Return your order to International Herald Tribute Offers, 

37 Lambton Road, London SW20 0LW, England. 

For faster service, fax order to: (44-81) 944 8243. 

[’lease send me copies of IN THE NEWS at UK£32 

(US$44.95) each, plus postage per copy: 31-3-94 

France £3.50; rest of Europe £5.50; North America, Africa, 

Middle East £7.50; rest of world £11. 

Please allow up to 3 weeks for delivery. 

Name 

Address .. 

Cfy/Code/Country 

Payment is by credit card on V- Please charge to my credfrcarti: 
□Access [HAmex □ Diners DEurocard □kfestaCard Qfea 


Card No. 

Signature 

Company EEC VAT ID No. 


Exp. date 










Very briefly: 

• Beijing’s first-ever public share sale will be oversubscribed more than 
eight times, the Beijing Evening News said, after thousands of Chinese 
paid a total of 1.79 billion yuan ($206 million) to be entered in a lottery to 
decide who can buy shares in several companies. 

• The Ptffippines and the International Monetary Fund said the} 1 had 
“made considerable progress” in talks on a new economic program Tor 
Manila and might haw an agreement by late April. 

• Tianjin Bofaai Chemical Industry Co. will be tbe next Chinese company 
listed in Hong Kong, with an offer to raise 400 million to 500 million 
dollars, (S52 million to $65 million), securities sources said. 

• Mitsubishi Electric Carp, is to sell and service Northern Telecom LuL’s 
Magellan switching system under an agreement announced by the Cana- 
dian communications equipment supplier. 

• Japanese companies' capital spending is estimated to have fallen 6.5 
percent in the year ending Thursday and is expected to decline 4.2 percent 
in the new finan cial year, Long-Term Credit Bank of Japan said. 

• Kerry Group, owned by Robert Kuok, plans to invest $600 million in 
building at least 17 hotels, mostly in China, by 1997. Separately. Shangri- 
La Asia, a hotel company also controlled by Mr. Kuok, said its profit rose 
97 percent in 1993. 

• Amcor Ltd, an Australian paper and packaging group, said it planned 

to expand its Chinese operations by opening an 18 million Australian 
dollar ($13 million) plant in Beijing. Reuters, afp. Bloomberg 


UNITED STATES BANKRUPTCY COURT 
SOUTHERN DISTRICT OF NEW YORK 

In re: 

UNITED PRESS INTERNATIONAL, INC., 
Debtor. 


(Chapter ID 
Case Nu. 

91 B 13955 (FGC) 


NOTICE OF HEARING ON DEBTOR'S APPLICATION FOR THE 
ENTRY OF (A) AN ORDER (T) ESTABLISHING PROCEDURES IN 
CONNECTION WUH THE DISMISSAL OF THE DEBTOR'S 
CHAPmin CASE AND (fl) CONFIRMING AND APPROVING THE 
MANNER OF THE LIQUIDATION OF THE DEBTOR’S ASSETS; ( B) 
AN ORDER CD AUTHORIZING AND APPROVING A FREEZE ON 
THE ACCRUAL OF UAHIimES FOR INTEREST AND PENALTIES 
UPON TAX CLAIMS, THE DISCHARGE AND WAIVER OF CERTAIN 
TAX CLAIMS. AND DISPENSING WITH THE FILING OF TAX 
RETURNS AND OTHER INFORMATION AND ( 5) 


TO ALL CREDITORS AND OTHER INTERESTED PARTIES OF 
UNITED PRESS INTERNATIONAL, INC- DEBTOR AND DEBTOR IN 
POSSESSION: 

PLEASE TAKE NOTICE, that, by order of the United States Bankruptcy 
Court (kneel March 21, 1994 (the “Scheduling Order’"), the Honorable Francis 
G. Conrad, United Stales Bankruptcy Judge, ha.- scheduled a hearing on May lh. 
1994 ar 10:30 a.m.. or as soon thereafter as counsel -nay tv heard (the 
"Hearing” i. ni the United States Bankruptcy Court. Ah."- under Hamilmn U.S. 
Courthouse, One Bowling Grefcn. New York. New York 10004. at Rent 720. 
to consider and act upon me application of rite L'niiet* Pftrv» Internal ima 5 . Itn\. 
debtor (the “Debtor ). dated March l A. 1W 'die “Application" i 

PLEASE TAKE FURTHER NOTICE, that the Application seeks. ..mony 
other things, entry of (A) an order (the “Dismissal Procedures Order" i m 
establishing procedures in connection with the dismissal of the Debtor*', i lupier 
1 1 case and (iil confirming and approving the manner of liquidation nf the 
Debtor's assets, IB) on order (the “Administrative Freeze Order") (iiauihon>- 
ing and approving, effective from on and after June 28. 1992 1 the “Pun June 2S. 
1992 Tax Claims"), a freeze upon the accrual of interest and penalties upon 


claims of all types asserted against the Debtor by federal, stale or local tax 
authorities or governmental units of all types nhc “Tax Authorities" i. the 
discharging and waiving of all Post June 2S. 1992 Tux Claims, and dispensing 
with the completion and filing of returns and other information by the Debtor 
with the Tax Authorities relating to Post June 28. 19^2 Tax Claims. anJ tiii 
eliminating any req uirement with respect to the completion and tiling h\ the 
Debtor of Form Cd- 7308, 1992 Census of Information of Sen ice Industries 
with the United States Department of Commerce. Bureau of The Census t the 
“Department of Commerce"). 

PLEASE TAKE FURTHER NOTICE, that, as set forth in tin* Application 
(a) it is unlikely that the liquidation of the Debtor's assets will yield sulfiejeiu 
monies to make any distribution to the Debtor’s general unsecured non-priority 
creditors, (b) it is unlikely that the liquidation of the Debtor’s assets will yield 
sufficient monies to make a full, if any, distribution whatsoever i» the Debtor’s 
general unsecured priority creditors, and ici the liquidation of the Debtor’s 
assets will yield sufficient monies to make distributions in full or in pan it- the 
Debtor's administrative c redito rs. 

PLEASE TAKE FURTHER NOTICE, that in the et ent tbe liquidation of 
the Debtor’s assets yields sufficient monies to make a distribution to General 
unsecured non- priority creditors of the Debtors, a Chapter 1 1 plan of reorgani- 
zation (liquidation; wtil be filed and distributions will be made in accordance 
with the terms of such plan. However, in die absence of the filing of a plan, and 
provided certain of the relief sought in the Application is granted by the Coun 
at tbe Hearing, then the case may be dismissed and distributions to creditors 
made in accordance with the terms of a subsequent order of the Coun nhe 
“Subsequent Dismissal Ordet^J upon procedures suggested in the Proposed 
Dismissal Procedures Order, including the service of tne Subsequent Dism is»al 
Order and the application in support of its entry solely upon tiu>se per>uns and 
entities which have filed or hereafter file with die Bankruptcy Clerk a notice and 
request for the receipt of notices in tbe case. 

PLEASE TAKE FURTHER NOTICE, that the Application aJsu seeX> 
entry of an order granting, among other things, various forms of relief against 
federal, state and local tax authorities with respect to Post June 2b. !'*>2 Ta\ 

. Claims, the discharge and waiver of Post June 28. 1992 Tax Claim*, and the 
waiver of various filing requirements with respect to Post June 2K. I‘**2 Tax 
Claims, and seeks specific relief us againsL certain filing requirements ,.f the 
Department of Commerce as provided in the proposed Administrative Freeze 
Order. 

PLEASE TAKE FURTHER NOTICE, that the Scheduling Order, the 
Application, the Dismissal Procedures Order, the Administrative Freeze Older 
and the other exhibits to tbe Application shall be available at the Office i if The 
United States Bankruptcy Clerk. One Bowling Green. 5th Floor. New York. 
New York 10004 during normal business hours or may be obtained by wrinen 
request to counsel for the Debtor. Pruskauer Ruse Goetz & Mendelsohn. 1 5WS 
Broadway. New York, New York 10036. Atm: Ellen Allen, accompanied b\ a 
check payable to such firm in die amount of $ 16 Jl) to cover the costs of copy ing 
and mailing of the pleadings, plus in the event a request is made in liave the 
pleadings delivered by overnight mail or delivery services the additional amount 
j of $10.00. 

PLEASE TAKE FURTHER NOTICE, that any objection to the relief 
requested in die Application shall (i) be in writing: (ii i comply with the Federal 
Rules of Bankruptcy Procedure and the Local Bankruptcy Rules of this Court; 
(iii) set forth the name of the objecting party, tbe nature and amount of any claim 
or interest alleged by such objecting party against the Debtor's estate *-r 
property, (iv) state with particularity the legal and factual basis fur such 
objection: and (v) be filed with this Court, w ith a copy provided io the chamhem 
of the Honorable Francis G. Conrad, United States Bankruptcy Judge, and 
served upon (a) the Office of the United Suites Trustee. 80 Broad Street. New 
York, New York 10004, Atm: Doria Stetch. Esq.: (b) Proskauer Rose Giict7 & 
Mendelsohn, counsel to the Debtor. 1585 Broadway. New York. New York 
10036. Attn: Remy Ferrario. Esq.; and (c) Kcclc, Martin & Cate, counsel to the 
Committee, 220 East Forty-Second Street, New York. New York 1 00 1 7. Attn: 
Dennis 0‘Dea, Esq., such that any such objection is received and filed, no later 
than ten U 0) days prior to the He aring. 

PLEASE TAKE FURTHER NOTICE, dun the Hearing cm any aspect •'[ 
the Application may be adjourned from time to time without further nrnitx-.uihcr 
than tne announcement of such adjournment in open Coun nr pursuant in the 
terms of an outer entered by the Court. 

Dated: New York, New York BY ORDER OF THE UNITED STATES 

March 21, 1994 BANKRUPTCY COURT FOR THE 

SOUTHERN MSTRICTOFNEW YORK 

PROSKAUER ROSE GOETZ 
& MENDELSOHN 

Counsel to the Debtor and J sLFranqs G. Conrad 

Debtor-in-possession UNnEDSrATESBANKRLiPTCV’JlflXIE 

1585 Broadway 

New York, New York 10036 

(212) 969-3000 

Attn: Remy J. Ferrario, Esq. 


BY ORDER OF THE UNITED STATES 
BANKRUPTCY COURT FOR THE 
SOUTHERN MCTRICTOFNEW YORK 


-i a.ri.ju im vi. 

UNITEDSTATES BANKRUPTCY JlfDGE 


bune „ 
1994 * 
ige7 


> 










P- Pa£<* 16 


SPORTS 



Soiiics’ Defense 
Stymies Blazers 


The Associated Pros 
The opposition is talking about 
Seattle's defease again, a sure sign 
the SuperSonics are on another 
winning streak. 

“They're frustrating because 
they reach and they hack and they 
hold,’* Clyde Drexler said after the 
Sonics broke open a close game in 
the fourth quarter on die way to 
their sixth straight victory. 1 14-100. 
over Portland on Tuesday night. 
“But vou can't complain. ’They’re 
effective with it” 

Buck Williams, the Trail Blazers' 
veteran forward, was complaining, 

. NBA HIGHLIGHTS 

however, calling George Karl’s de- 
fense a zone. 

“That sort of reminded me or 
playing college basketball.” he 
said. “Coach Karl has done a very 
fine job of sort of disguising his 
defensive strategy. They're just sort 
of standing there, switching and 
fronting and making it very diffi- 
cult on the entry pass." 

The Sonics forced the Trail Blaz- 
ers into seven turnovers in the 
fourth quarter and used a 13-3 run 
to take a 99-10 lead. Drexler had 
two turnovers during the decisive 
spurt. 

“We just kept pushing and pres- 
suring and the more tired they got 
the more they put the bail in posi- 
tion for us to steal.” Karl said. 
“Just like usual, we war. it with our 
defense." 

Shawn Kemp scored 16 of his 28 
points in the third quarter, when he 
sank his first 3-point shot of the 
season, to lead six Sonics in double 
figures. Kendall Gill scored 20 
points and Gary Payton had 18 
points, 9 assists and no turnovers 
Tor Seattle, which improved its 
NBA-best record to 52-17. 

Rod Strickland had a career-high 
30 points and 10 assists and Clif- 
ford Robinson had 26 points and a 
career-best seven blocked shots for 
the Blazers. 

Seattle out scored Portland. 34- 
20. in the final period as the Blazers 
lost consecutive home games for 
the first time this season. 

Rockets 122, Kings 101: Hous- 
ton. playing its first game in two 
years without Hakeem Oiajuwon 
and with two players ejected in the 
first half, won at Sacramento be- 


hind Otis Thorpe’s 21 points and 
18 rebounds. 

The Rockets trailed by five at 
halftime, but ouiscored the Kings. 
38-19. in the third period for an 87- 
72 lead entering the fourth. 

Oiajuwon was suspended for one 
game for hitting a referee on Sun- 
day. Carl Herrera was qected in the 
first quarter after punching Sacra- 
mento center Olden Polynice. and 
Vernon Maxwell was gated with 
two technicals. 

Lakers 91, Tiraberwolves 89: 
Magic Johnson won his second 
straight game as coach, but only 
when Nick Van Exd’s layup broke 
a tie with two seconds left. 

Elden Campbell led the Lakers 
with 27 points and Vlade Divac 
had 18 points and 11 rebounds. 
Isaiah Rider, who missed a jumper 
as time expired, led visiting Minne- 
sota with 22 points. 

Magic 120, Bullets 101: Orlando 
matched a club record with its 41st 
victory as Shaquitle O'Neal scored 
25 points and Nick .Anderson 18 to 
hand visiting Washington its ninth 
straight defeat 

Warriors 116. Jazz 113: Latrell 
Sprewetl scored 35 points as Gold- 
en State won at Utah and kept the 
Jazz from clinching a playoff spot. 

SpreweU scored the eo-ahead 
basket a drive from the baseline 
into the lane, to put the Warriors 
ahead. 102-101. with 3:10 remain- 
ing. That started Golden Stale on a 
9-1 run. ending with his two free 
throws with 56 seconds left for a 
109-102 lead. 

Karl Malone had 24 points and a 
career-high 23 rebounds and John 



Five Nice Guys From Gainesville 


By Malcolm Moran 

Sew York Times Service 

GAINESVILLE. Honda —The 
black letters posted above the front 
doors of the Florida Bookstore 
practically shouted down Universi- 
ty Avenue with news the people 
had been clamoring for since that 
instant when the street was flooded 
with Gators, automobiles, bicycles 
and joy. 

“FINAL FOUR SHIRTS COM- 
ING TODAY." 

The bookstore was scrambling to 
meet an immediate, passionate and 
unprecedented demand created by 
a university of Florida basketball 
team. 

“We’re in a buying frenzy,” said 
Linda Kallroan, a bookstore offi- 
cial. Florida's first trip to the na- 
tional semifinals, and its game 
against Duke Saturday night, has 
even inspired plans for something 
was unthinkab 


that 


able when Lon 


Kruger became coach four years 
ago — a design for a national 
championship T-shirt- 

One unsolicited observation by 
Kallroan said more about the Ga- 
tors than their 29 victories in Flori- 
da's 75th and greatest season. 

“These guys are all such nice 
guys,” she said. “We’re had some 
real jerks on the team in the past." 

In a town small enough for such 
an assessment to be made on a 
personal basis, reaching the Final 
Four has merely enhanced the dra-. 
marie progress of a program that 
had to be remade rather than re- 
built. 

The 7-21 record Kroger inherited 
was just one blemish. Rules viola- 
tions had voided Florida's first two 
National Collegia ie Athletic Asso- 
ciation tournament appearances in 
1987 and 1988. and revelations of 
drug use and personal misconduct 


while Norm Sloan was coach raised 
serious questions. 

When Kroger left Kansas State 
in 1990. be imported a philosophy 
that emphasized the importance of 
community service, effort in the 
classroom as well as the court and a 
respect for opponents. He studied 
the personalities of prospects and 
engaged them in unusual conversa- 
tions during recruiting visits. 

“You watch them," Kroger said. 
“You talk to them. Sincerity is real- 
ly big in anything that you do. You 
can idl You can get a sense of 
people’s sincerity. You talk to other 
people. You watch the consistency 
of how a young person performs, or 
handles himself. 

“That is so important, because 
every ball game that's a good ball 
game is going to come down to the 
last three or four minutes. And that 
person's sincerity in wanting to lay 
it on the line, that person feeling 


The Outpost in St. Petersburg 


—■ — 0 — — B MjiL P tuTL r-. F ran*T Prr*>c . . - „ 

Siockton 21 points and 16 assists Patrick Ewjn& ^ t0 bold dotra Alonzo Mounting, was less yni 

Halrtiwi. Nets 98: Atlanta in,- swcessfal tta " «•* Knicks - «*o made U M straight victories. sionS coU^bLnbla Wet 

has settled in to the far more spar- 
Shaquille O'Neal into the NBA tan life of an athlete in Russia, 
scoring lead with a 292 average as The point guard for the Svetlana 
the Spurs won their 50th game of team in Russia’s top league, he is 


By Jeff Lilly 

Specuil it» the Herald Tribune 

ST. PETERSBURG — Like 
most fans of American college bas- 
ketball who find themselves out of 
the country in March. Chris 
Brower couldn't hide his excite- 
ment as be poured over the scores 
of the NCAA tournament games. 

But there is a difference: Last 
August Brower, a two-year starter 
as the point guard for Virginia 
Commonwealth University’s team 
became the first American to play 
professional basketball in Russia 
under an exchange that since its 
inception in I9SK), has sent two 
Russian men to play few VCU. 


proved its record at home to an 
NBA-best 31-5 as Kevin Willis had 
24 points and 16 rebounds. 

Willis and Duane Ferrell scored 
six points each in the final 4:08 for 
the Hawks, who overcame a 90-S7 
deficit down the stretch. 

Derrick Coleman had lo points 
and 18 rebounds for the Nets. 

Knicks 106, Hornets 95: New 
York won its 14th consecutive 
same as Charles Oakley, a doubtful 
starter because of a sprained knee, 
had a season-high 22 points and 
grabbed 17 rebounds. 

The streak is the Knicks’ longest 
since a team-record 18 straight in 


1969-70. Their reserves, led by An- 
thony Mason’s 17 points, out- 
scored the Hornets’ backups 45-17. 

Alonzo Mourning scored 28 
points for the visiting Hornets. 

Span 117. Mavericks 92: David 
Robinson dominated inside with 
37 points as San Antonio won in 
Dallas, handing the Mavericks 
their 15th consecutive defeat. 

Robinson, who also had seven 
rebounds, six assists and five 
blocks, capped his big night with a 
3-pointer with 5:25 to play, push- 
ing the Spuis into a 93-79 lead. 

Robinson moved past Orlando's 


the season. 

Bulls 106, 76ers 103: Scottie Pip- 
pen scored 27 points as three-time 
defending NBA champion Chicago 
clinched a playoff spot while hand- 
ing visiting Philadelphia its eighth 
straight loss and 23a in 24 games. 

The Sixers wiped out a 10-point 
deficit and led 80-79 with 9:26 left, 
but Pippen had four points, a steal 
and an assist in just over a minute, 
giving the Bulls an 85-80 edge with 
8:22 remaining. 


averaging 1 8J points a game, with 
eight assists, and is an excellent 3- 
point shooter. 

At VCU. he hit eight 3-point 
shots to win games in the 'final 
minute against powerhouses like 
Louisville and Memphis Stare. In 
January, he scored 17 of his team's 
23 points in the five-minute over- 
time. making two 3-poimers. as 
Svetlan beat Spartak-Moscou. 
Brower scored a season-high 37 
points that game. 


Off the court, the 22-year-old 
Floridian has gone about as native 
as Kurtz in Conrad's Heart of 
Darkness. 

Conversant in five languages, he 
speaks Russian freely, particularly 
the language's more earthy phrases, 
which he lets fly with abandon dur- 
ing games. Like the other players, 
on the Sl Peterebmg team, he lives 
in a dormitory room with no 
phone, running water or working 
television. And because of the 
team’s financial difficulties, he 
earns 20.000 rubles a month. That's 
the equivalent of about SI 2. and a 
far cry’ from the $1,500 he was 
promised. 

But. a political science and Ger- 
man double major at VCU. Brower 
has become a Russian history buff. 
He is now reading, fa Russian, a 
book on the last Czar. On the 
team’s road trips, he browses 
through bookstores and visits land- 
marks. These, he says, are his re- 
wards. not the big paycheck that 
may never come. 

“How many Americans have 
been to Lake Baikal or to Ekate- 
rinburg and seen the place where 
the Czar was shot?” he said. 

“He has no hang-ups.” said Svet- 
lana’s coach. Vyacheslav Borodin. 
“And because He develops his lan- 
guage skills, he understands our 
fife." 

The ability to adapt runs in Bow- 


McCaffrey’s Fastest Break: NCAA Finals, and Now the NIFs 


By Timothy W. Smith 

V*n York Times Service 

NEW YORK — Billy McCaffrey has a 
world of things to smile about. He has 
back-to-back season* of averaging 20 
points a game — 20.9 this season — which 
makes him the first Vanderbilt basketball 
player to do that since 1966. 

la addition, he went into the National 
Invitation Tournament championship 
game with a chance to become the first 
player since the seven player* on the 1981 
Indiana leant to win championships in 
both the NIT and the National Collegiate 
Athletic Association tournament. 

. McCaffrey was a member of the Duke 
"University team that won the NCAA 
championship in 1991 before he trans- 
Jerred to Vanderbilt, which played Villan- 
ova in Madison Square Garden on 
; Wednesday night. Villanova. the 1985 na- 


tional champion, had defeated Siena, 66- 
58, in the semifinals. 

Yes, McCaffrey certainly has plenty to 
smile about. Now. the only question is: 
Will he? On the fust play of the semifinal 
game against Kansas State on Monday 
night, he got whacked in the mouth; his 
top front right tooth broke in half. 

“It was on the fast break,” McCaffrey 
said. “I came down and got a fist in the 
mouth. I just played through. I wasn't in a 
lot of pain. I don’t even know who did it.” 

Despite the broken tooth, McCaffrey bil 
the Wildcats' zone defense with 28 points, 
hitting 8 of 14 from the field and a perfect 
10 of 10 from the free-throw line. 

As McCaffrey prepared for Wednesday 
night's game, his former team. Duke, was 
preparing for its NCAA semifinal game 
against Florida in Charlotte. North Caroli- 
na, on Saturday. McCaffrey has no envy or 
regret over his decision to leave Duke. 


“1 pretty much feel the way I always 
have ” he said. “1 don’t have any regrets 
with making the move. I thoroughly enjoy 
playing for VandeibflL It was the toughest 
decision of my life. I haven't looked hack. If 1 
would have stayed I always would haw won- 
dered, ‘What if 1 would have transferred?’ 

“Having so much success my first two 
years made it easy to transfer.” be contin- 
ued, “winning a national championship and 
gpirig to the Final Four. 1 have fond memo- 
ries at Duke, but I also cherish my memo- 
ries al Vanderbilt. 1 wish them the best.” 

He said he still kept in touch with some 
of his former Duke teammates. He and the 
Blue Devils forward Grant Hfll visited 
each other a couple of times last summer. 
He talked with the Duke forward Antonio 
Lang, a senior, a month ago. before the 
postseason tournaments heated up. And 
he remains in contact with Bobby Hurley. 


McCaffrey said he left because he was 
unhappy with his role as assigned by Duke's 
coach. Mike Kxzyzewski. and his enjoyment 
of the game was beginning to wane. 

“It wasn't necessarily the pressure," 
McCaffrey said. “In a very large program 
sometimes you get lost. Yew have to accept 
roles. Maybe you do one thing better than 
others and that’s your role. That's not 
necessarily fun all the time. That's not to 
say that it's wrong. A coach has to make a 
decision and obviously Coach K is one of 
the best coaches in America. But you have 
to have fun. 

"Grant Hill is so talented that he can 
play four positions if they want him to. In 
my case sometimes I was strictly the shoot- 
er. And although that sounds fun, that's 
not always the case, it's a great program 
and I hid some food memories, but 1 
needed a change just to enjoy the game.” 

Some would wonder about the rationale 


of transferring from a team like Duke, that 
seems to have a lode on Final Four appear- 
ances — seven in the past nine years — to 
VanderbilL which had to fight its way 
through the Southeastern Conference just 
to secure an NIT bid. 

And when be was at Duke, McCaffrey* 
used to look at the NIT with a certain 
amount of disdain, as do most players on 
perennial NCAA loomament teams. But 
his view has changed. 

“It’s been an eye opener for me.” he 
said. 

“You have a lot of good teams that don't 
make the NCAA, because of the automatic 
bids. Kansas State beat Kansas at Kansas 
this year and not too many teams do that. 
Gemson beat North Carolina. We beat 
Florida and they’re in the Final Four. You 
definitely have some good teams in here. 
It's not the big dance, but it’s very compet- 
itive and it’s been a lot of fun.” 


efs family. His maternal grandfa- 
ther, an American of Croatian de- 
scent named Ivan Paviic, learned 
Chinese and Japanese daring a 15- 
year tour with the U.S. Army in 
Aria after World War II. 

At age 7, Brower began studying 
these languages with his grandfa- 
ther. On weekends, Paviic would 
quiz his grandson on the past wed’s 
lessons. “'What* s this?" Paviic would 
ask as they passed a store. Brower 
would reply in Chinese or Japanese. 

"People’ looked at us as if w 
were crazy,” recalled Brower, who 
wants to enter the U.S. diplomatic 
service. “But I saw how my grand- 
father did things for himself." 

Brower has been lucky in anoth- 
er respect, too. 

Shortly after he arrived in Sl 
Petersburg, Zhana Sazhena. the 
secretary to the president of the 
Svetlana Sports Club, took it upon 
herself to feed tin team's newest 
recruit. He has become a third son 
in her family. 

One of the team's sponsors do- 
nates smoked ham, and Sazhena 
makes sure to pick up sweets from 
Sl Petersburg's best pastry shop. 
During meals, Brower gets a cultur- 
al how-to lesson. Sazhena teaches 
Brower new words, and introduces 
him to new dishes, like borscht, blini 
and pelndni 

“I just tell him ‘try it try »L' and 
he’s leaned,” said Sazhena. 

Brower has outlasted the other 
two Americans playing profession- 
ally in Russia, for Spartak-Mos- 
cow. 

Chuck Evens, a point guard from 
Mississippi State, and Tony 
Turner, as shooting forward from 
Providence, broke off their $40,000 
a year contracts and returned to the 
United States in raid-season, al- 
though Turner has since returned 
to finish out the season. 

“The money is more important 
for the other players." Brower said. 
“They have to five on it” 

He said he intends to come back 
next summer and play for Svetlana. 

In March, though, thoughts of 
the future take a back seal to the 
games in the United States. 

"I am starting to get March 
Madness,” Brower confessed last 
week, although, unfortunately for 
him. no NCAA games are shown 
on Russian TV. 

“But other than lhai " he said. “I 
really don’t miss that much.” 


about his teammates, that 
feeling of doing absolutely any- 
thing for each other, all those 
things go back to sincerity. If you, * 
mak e concessions, or if you give a' " 
kid any reason to not feel that, then 
you’re less than what you could 
be." 

Craig Brown, a senior guard 
from Steel ton. Pennsylvania, and 
Kroger’s first recruit, was surprised 
at first by the direction of their 
conversation. 

“The majority of his questions 
weren't even about basketball." he 
said. 

"They were about my eveiyday 
life, my relationship with my fam- 
ily. A lot of times, when you'would 
talk to people, they wanted to talk 
about basketball: what position 
you were going lo play, bow 1 much 
you would play, (hose (vpes of 
thing s. Not coach. It was more to 
gel to know me as a person, and for 
me to know about him." . 

Brown had expected to discuss 
basketball, but became more re- 
laxed by Kruger's approach. Even- 
tually, Brown became a 15-point 
scorer, and the coach succeeded in 
coaxing the quiet guard into be- 
coming an effective leader by pick- 
ing his spots and speaking from the 
heart. 

“He’s the first coach I've had," 
Brown said, “who doesn’t have to 
raise his voice to get his point 
across.” 

Now it has all come together on a 
national stage — the sometimes 
spectacular reliability of Brown J 
and Dan Cross in the backcoun, 
the versatility of forward Brian 
Thompson, the end-to-end effort of 
forward Andrew DeClercq, and the 
robust efficiency of the 286-pound 
center Dametri Hill and his sbnt 
creation, DaMeat hook. Here, the 
warmth toward the team is not just 
traced lo the fact that the Gators 
are headed for Charlotte; ii is how 
they are going, and when. 

As the Gators prepared for the 
games in Miami last weekend, tele- 
vision screens throughout the stale 
reported that painful memories for 
the campus had come to a resolu- 
tion when a jury voted in favor of 
the death penalty for Danny Roll- 
ing for the five murders committed 
here in 1990. Three days after the 
jury's decision, there was a reason 
to smile. 

“Isn't that amazing?" Susana 
Gonzalez, a Florida graduate, said 
at work in the Purple Porpoise, a 
tavern on University Avenue that 
became a center of the celebration. 
Gonzalez wanted to be cureful not 
to trivialize the horrors relived by 
her town last week, but she was 
moved by the timing of ail that 
spontaneous, temporary, happi- I 
ness. 

“I wonder if the players have { 
ever thought about it," she said. 

’ They couldn’t help it Not this 
week. 

“A lot of people have comment- 
ed the timing could not have been 
better,” DeClercq said, “with al) 
the stuff that has happened in the 
past with the Gainesville murders, 
and all those families, and the fact 
that something good has happened 
for this town. It has gotten in the 
news in a good way. A lot of people 
are very thankful for that." 


.pal 


*‘s easy to subscribe 
fa Vienna 
and So b faor g 
just cdfe 0660-8 155 
or lax: 06069-175413 


DENNIS THE MENACE 



P EANUTS 

AMP IT SMS HERE THAT 
NO ONE HAS BEEN KNOWN 
TO HAVE BEEN STRUCK BV 
A FALLING METEORITE.. 


CALVIN AND HOBBES 


'I HOPE THAT FLAT RABBIT WE SAW 
OK THE ROAD WASK7 TtfL EASTER 81WY 


Uraa«n* IMut loui JwnMa* 
oo»Mwk nJtnwuu* toKm 
kxr nonvi — c-Oa 


| INCCY 


ITT; 

XI 



rREVNY 


i i n 

t 1 



LOACCI 


TIT 

XJ 

GENNIE 


/fir 

JJ 


Print ana war rimro: 



Jumna* JEWEL 
Anmar vmii< 


To our readers in Frtxice 

ft's wer been easier to subscribe 
and sows with our new 
toll free service. 

Just call us today at 
05 437 437. 










SPORTS 


INTERNATIONAL HERALD TRIBINE. THURSDAY, MARCH 31, 1994 


IW IT 


Switzer Hired 
As Dallas Coach 


•! • 

.'5 * 


1 FSS* 


- 73ie* Associated Press 

KVINg Texas - Barry Swit- 
zer. who left Oklahoma University 
under a cloud five years ago be- 
came coach of the Dallas Cowboys 
on Wednesday, just a day after His 
arch-rival, Jimmy Johnson, quit the 
National Football League champi- 
ons. 

Cowboys' owner Jerry Jones 
hired Switzer, his freshman foot- 
ball coach al the University of Ar- 
kansas. citing the need for “conti- 
nuity and motivation.'* 

Switzer, who has never coached 
in the NFL said he wanted to re- 
turn to the game he left abruptly in 
1989. 

“I missed football.” he said “I 
dedded I'd rather coach. 

"I give my commitment of loval- 
ty. of excellence, of total commit- 
ment of making this program what 
it has been in the past and what it 
will be in the future.” Switzer said. 

Switzer, who won three national 
championships for the Sooners. 
was “a proven winner.” Jones said. 

As the 56-year-old Switzer sal 
beside him, Jones sought to allay 
fears among Cowboys’ fans that he 
would meddle in the team's on- 
field activities. 

“I fed so strongly that you’re 
going benefit from the fact that the 
guy next to me coached me. the guy 
next to me has my total personal 
* trust and commitment.” Jones said. 

“I feel we have one of the most 
talented teams that there is the 
NFL if not the most talented team, 
and one of the best that has ever 
been put together,” Jones said. “I 
feel very confident that the conti- 
nuity can be kept in place and be 
motivated with the new head coach 
of the Dallas Cowboys. Barry Swit- 
zer.” 

A source said Jones and Switzer 
worked out contract details 
Wednesday in Jones's office at Val- 
ley Ranch.' 

It was Jones's mention of 
Switzer's name in a barroom con- 
versation in Orlando. Florida, that 
infuriated Johnson to the point of 
wanting to leave the Cowboys. 

“Jerry believes that Switzer can 
quickly adapt to the NFL and that 
his college background won't be a 
detrimental factor,” the source 
said. 

“Switzer won't get the kind of 
long-term deal that Jimmy got and 
of course Jerry will now be in 
charge of ail the management and 
personnel decisions.” 

Quarterback Troy Aikman and 
every assistant coach on Johnson's 
staff went to Jones’ office Wednes- 
day to meet with the owner and 
l Switzer. 

Aikman and Switzer have had a 
rocky relationship. Switzer recruit- 
ed Aikman out oF Hemyetia, Okla- 
homa. to come to the Sooners. tell- 
ing him that they were going to a 
passing offense. However, Oklaho- 
ma staved in the ground-bound 
wishbone. 

Aikman played one game as a 
freshman in 1984. then started as a 
sophomore until he broke his ankle 
against Miami in the fourth game 
of the season. He transferred at the 
end of 1985 to UCLA, where he 
found immediate stardom in a 
passing offense under Terry Dona- 
hue and eventually became tbe 
Cowboys No. 1 draft pick in 1989. 

Aikman said Switzer “is an out- 
standing coach.” and (here should 
be no problem working with him. 

Switzer won three national titles 
in 16 years at Oklahoma before 
leaving' in 1989 amid several scan- 
dals involving arrests of his players. 
He went 157-29-4 at Oklahoma and 


won or tied for 12 Big Eight titles. 

Johnson was diplomatic in his 
response to the news that Switzer 
will replace him. 

“It’s a little bit of a surprise to 
me, but again, that’s Jerry's deci- 
sion,” Johnson said Wednesday on 
NBC's 'Today” show. “We'll jusi 
nave to wait and see how it works.” 

After two days of meetings with 
Jones, Johnson announced his res- 
ignation at a news conference 
Tuesday. 

“After our discussions, we have 
mutually decided that I would no 
longer be the head football coach 
of the Dallas Cowboys.” he said. 

Johnson, 50. said lie expected to 
coach again, although no NFL 
head coaching positions are open 
for the upcoming season. 

Jones gave Johnson a monetary 
settlement he called a “big-lime 
thank you” — it was believed to be 
a multimilUon dollar payment — 
and the two were amiable at their 
news conference. 

“There’s no way in the world 
either one of us could have done all 
this without each other.” said John- 
son, happy to be leaving even 
though it meant giving up a chance 
for a record third straight Super 
Bowl victory. 

Johnson, who originallv signed a 
10-year contract to coach the Cow- 
boys. received permission to join 
any team he wants — whenever he 
wants — despite the five yean, left 
on his contract. 

In his years in Dallas. Johnson 
took the Cowboys from 1-15 id 
consecutive Super Bowl titles. 



Monaco Gains Semifinals,' 
Barcelona Dumps Turks : 


Alrvjmkt 2rtt4uiwfarnki> TV Pit— 

Spartak Moscow's goalkeeper, Gintaras Stauche, punched away Jurgen Klinsmann's header, but 
couldn't keep Monaco out of die Champions' League semifinals as the French team gained a 0-0 tie. 


tinam 

Monaco eased its way Wednes- 
day into the semifinals of the Euro- 
pean Cup by holding Spartak Mos- 
cow to a 0-0 draw in their 
Champions' League match, plaved 
in a snowstorm m Moscow. 

Monaco has seven points from 
five matches and cannot be caught 
by either Spartak or Galatasaray of 
Turkey, the bottom two teams in 
Group A of the tournament. But 
the tie also helped Barcelona, 
which is vying with Monaco for the 
top spot in the group to avoid a 
likely semifinal against Group B 
leader AC Milan. 

Both sides hit the goal bar in 
what was a surprisingly free-flow- 
ing game. 

Monaco's German striker. Jur- 
gen Klinsmann, had the best 
chance to score in the 38th minute, 
when he burst dear of the Spartak 
defense and evaded the onrushing 
goalkeeper. Gintaras Stauche. But 
nis dose-range shot hit the bar. 

In the 51st minute. Spartak de- 
fender Yuri Nikiforov saw his hard. 
30-meter free kick clip the bar with 
Monaco goalkeeper Jean-Luc El- 
tori well beaten. 

Monaco attacked from the start 
and almost scored in the 10 th min- 
ute. but Stauche pushed away a 
close- range header by Klinsmann. 

Monaco consistently appeared 
to be tbe more dangerous team and 
striker Laurent Viaud could have 
done better in the 24th minute, 
when he rose high above defender 


Vladislav Ternavsky to pul a head- 
er just wide of the right-hand post. 

Barcdmu 3. Gatattsarnr 0 : Host 
Barcelona clinched their place in 
the European Cup semifinals when 
they trounced Turkey's Galata- 
saray in the Champions' League 
Group A. 

Guillermo Amor. Ronald Koe- 
man and Eusebio Sacristan scored 
the goals, but Barcelona. European 
champions in 1992. could nave 
stacked up a bigger victory if they 
had taken all their chances. 

The Spanish champions have 
compiled right points from their 
five games and. with one match to 
come, lead Group A by one point. 

Galatasaray and Spartak are out 
of the hunt. 

A combination of misplaced 
shots, bad luck and the skill of 
Turkish goalkeeper Hayrettin De- 
mirbas limited Barcelona to one 
goal before the interval despite the 
superiority of the home side, who 
pushed forward relentlessly. 

Amor broke the deadlock in the 
22 d minute, concluding a typically 
slick move. Aitor Beguirisiaih 
flicked the ball on and Amor 
dodged a defender and scored. 

’ AC M3an Q, Anderiedn 0: The 
Italian champions secured them- 
selves a berth in the European Cup 
semifinal despite being held to a 
lackluster goalless draw against the 
Belgian club in Milan. 

Heading for their third straight 
Italian league triumph. Milan re- 


A Divorce the Cowboys 5 Owner , Jones , Will Come to Regret 


By Dave Anderson 

.Vo font Timex Service 

N EW YORK — You probably know a couplejust like them. As soon 
as their divorce was final, as soon as the financial settlement had 
been agreed upon, they couldn't say enough nice things about each other. 

And here were the latest cozy couple to fit that description, silting side 
by side in front of a blue-and-silver Cowboys banner. 

“1 feel better.” Jimmy Johnson was saying, “about Jem- Jones as a 
friend understanding me than I ever have in our entire relationship." 

“I hope you respect the relationship we have." Jerry Jones said. “It 

meant a lot. Not more than the Dallas — 

Cowboys, but it meant a lot.” Vantage 

During the news conference, tbe now Point 

former coach and the owner-general 

manager of the reigning two-time Super Bowl champions even alluded to 
the financial settlement for the five years remaining on Johnson's 
contract, although no numbers were divulged. 

“I should have slapped myself in the face for this.” Johnson said of the 
settlement “but 1 told Jerry. 'You don't have to do that' " 

• Thank you: Jimmy.” Jones said as Johnson playfully nudged him on 
the shoulder, “for everything that has happened for a loog time." 




OcsstS Reed SfAimon froicr- 

Tbe happy couple, Johnson (left) and Jones, at their parting. 


They openly discussed every aspect of their divorce except Johnson's 
visitation rights to Valley Ranch, the Cowboys’ complex. But the mar- 
riage was over. And not 'a quarrel too soon. If they had tried to prolong 
the marriage, they would have been at each other's throats again over 
something, anything. 

For all their kind words Tuesday. Johnson and Jones are. quite simply, 
incompatible. Both were smart enough to realize it But now that they 
have split, where does Timmy Johnson go from here? And where do Jerry 
Jones and the Cowboys go from here? 

“According to our agreement. Jimmy can coach anywhere he wants to 
coach,” Jones said. “And do anything he wants to do.” 

Look for Johnson to be a television analyst during tbe National 
Football League season while he sifts coaching offers. Surely the expan- 
sion Carolina Panthers will pursue him. So will every NFL franchise that 
isn’t completely happy with its coach. 

But if Don Shuia. now 64, were to decide to stop coaching tbe Miami 
Dolphins, Johnson would jump at an offer to return to the area where he 
guided the University of Miami to two national college titles. 

Unlike most ex-coaches at liberty. Johnson wasn't fired and he's not 
burned out. He just needs a dub owner whose ego isn't as large as his 
understandably is. 

In producing the Cowboys' two Super Bowl rings in only the fourth and 


SIPEUNES 

Soccer Championship Sites Chosen 

BARCELONA (API — Athens will be the site of the European 
Champions Cup final May 18 while Copenhagen will play host to the 
May 4 final of the Cup Winners' Cup. the UEFA executive committee 
announced at a meeting here Wednesday. 

Athens' Olympic stadium was picked over London's Wembley for 
Europe' s top cup final. Copenhagen’s Parken Stadium was chosen 
over the Anoeta ground in San Sebastian. Spain, for the Cup Winners 
Cup’ match. 

• The Italian team Sampdoria. from Genoa, will play China's 
national team in Beijing on May 15. the People's Daily said Wednes- 
day. I Renters) 

For the Record 

The Fellow, the French-trained gelding that won the prestigious 
Cheltenham Gold Cup two weeks ago. will run in the Grand National 
steeplechase April 9, his trainer. Francis Doumen said. (A Pi 
The two Australian syndicates challenging for next year's America's 

Cup agreed to cooperate in testing. 
“ icilities 


fifth seasons, be proved to be an exceptional motivator and a shrewd judge 
of talent. “How ooui them Cowboys!" he would yell after a big victory 
But without Johnson on the sideline, them Cowboys won't be as good. 
Even with him. the Cowboys were due for a difficult season in trying to be 
the first “three-peat” Super Bowl champions. .And when adversity devel- 
ops. his absence will be the Cowboys' first crutch. 

“This wouldn't have happened if Jimmy were still here.” some will 
surely gripe. “Jimmy wouldn't have let it happen.” 

T HE IRONY of the timing of Johnson's departure is that Non 
Turner, his offensive coordinator, left two months ago to be the 
Washington Redskins' head coach, just as Johnson's previous defensive 
coordinator. Dave Wan ns ted L left after their first Super Bowl victory to 
be (he Chicago Bears' head coach. 

What the Cowboys don’t need now is a coach with a new system and a 
new philosophy, such as Barry Switzer, still at large after resigning in 
1989 at the University of Oklahoma with a ribald rap sheet. 

With his exalted ego. Jerry Jones probably thinks that it won't make 
any difference who the coach is because he. Jerry Jones, is really the 
reason the Cowboys have the opportunity to three-peat. 

But sooner or later. Jerry Jones will wish he had stayed married to 
Jimmy Johnson. For better or for worse. 


mains on top of pool B in the 
Champions' League with seven 

E mms from five games. Anderlevhi 
ave four points and are out of. - 
contention. 

The Italians play away to closest 
challengers Porto on April 13 need: 
ing only to avoid defeat to ensure! 
top spot and secure home advun^ 
tage for the one-off semifinal. ■' 
Not even the presence of Milan 
dub president and Italian election, 
winner Silvio Berlusconi could in- 
spire his club against a defense- 
minded Anderlecht. 

Milan midfielder Demeirio 41- 
bertini almost broke the deadlock 
in the 70ih minute, his 25-meter 
drive from a free kick rebounding 
off the base of a post. 

Porto 5. Wenler Bremen 0: Por- 
tuguese champions Porto went on a 
goal-scoring spree to demolish 
hosts Werder Bremen in their 
Champions League group B clash 
and effectively book a place in the 
.European Cup semifinals. 

First-half goals from Rui Filipc 
and Bulgarian Emil Kostadinov. 
two brilliant second-half strike* 
from Caries Secretario and Domin- 
gos Oliveira and a last-minute pen- 
alty from Ion Tunofte handed the 
Gorman champions a demoralizing 
defeat. 

With just three point** from iheii 
five games, Werder. who had their 
Austrian star .Andreas Herzog sent 
off for handball in the Iasi minute, 
have no chance of finishing in the 
top two spots in the group. 

With six points from their five 
games. Porto only need one point 
from their last game against AC 
Milan to be 100 percent" sure of a 
place in the last four with the Ital- 
ians. 

Cagliari 3. Internazionale 2: Two 
goals in the last 10 minutes gave the 
home (earn its victory over its Ital- 
ian rivals from the north in iheii 
UEFA Cup first-leg semifinal. 

Inter, which had lost its last lout 
games, looked poised for a 2 - 1 « ic- 
lory until substitute Antonio Cnni- 
ti’s header put the Sardinians even 
in the 8 )si minute. 

Giuseppe Pancaro. another sub- 
stitute. got the winner just fom 
minutes from the end. with a his 
low shot slightly deflected off Inter 
defender Antonio Paganin. 

Winners of the competition in 
1991. Inter had taken a lead on a 
looping header from striker Davitie 
Fontolan in only the sixth minute. 

Brazilian-born striker Oliveira 
got Cagliari a tic five minutes later, 
but Uruguayan Ruben Sosa re- 
stored Inter's lead with a powerful 
right-foot shot in the 6 l>t minute. 


A New Golden Age for Golf? 

Norman, Price and Faldo: The Masters 3 


SCOREBOARD 

? *.-■' -■ -s ; ■ : ac 


NBA Standings 


EASTERN CONFERENCE 
AltafltteOlvMon 


3^ » 


I 


— x-New York 
T Orlando 
Miami 
NewJersev 
Basion 

■PWKKjelBfiia 

Washington 

t 

x-Allanto 
x-Cnicofia 
CievBkma 
Indiana 
Chortolte 
Detroit 
Milwaukee 


W i. 

so w 
4i n 
37 r 
36 3? 

25 O 
71 49 

19 50 

Central Division 
49 70 
46 24 
40 30 
36 32 
31 37 

20 49 
18 51 


pa 

725 

594 

Sib 

-S29 

-373 

J 00 

775 

.710 

AS7 

.571 

set 

AS6 

790 

761 


13 

13*5 

24 
2 9 1 * 
31 


3W 

I2'i 
I 7ta 
29 
31 


OB 


6 ‘r 

14 
30Vi 
41 VI 



692 

ir*» 

mi 

21 “9 
27 
2 ® 


WESTERN CONFERENCE 
MktwMt DhrWon 

W L pa 
(-Houston 49 19 .721 

x-San Antonia 50 50 

Utah 44 57 -MO 

Denver 35 33 

Minnesota 19 SO -2M 

Dallas 8 - ,l6 

Pacific Division 

k-Seaflle SI £ -«4 

x-PhoenU <5 » ™ 

Golden State * “ 

Portland 41 29 J86 

LA Lakeri 30 38 “If! 

LACtlPoers 25 44 **” 

Sacramento 23 ** 

x-cHncMtf Ptavott berth 

TUESDAY'S RESULTS 

U IB 20 25- 95 
25 26 25 3B-18* 

C: LJ»mon 7-W M 
28: NY: Oaklev 7-M 
Rebound*— Cherlotie 46 
York 64 I Oak lev 1?». Assista-gwy 11 
(Bayun 71. New York ^ 

SST” S ; « ££ 

P^XrtherNtoon 
« 16; C: Plane* 74 
Rewinds— Ptiit«* l,>tl 10 * 

Leefcner 8). CMcnflo 51 
Phitadelnnla 23 teorras 7b Crucano 31 IP P- 
P^AnrntronoSi. * *.„9 

B ° 5,0n „ if 26 22 


Gotten State 27 38 JJ 25-114 

utan 25 21 a 35— in 

G: Mullin B>16 7-8 2S. Owens 6-12 9-12 21. 
Spreweil 11-2311-1535; U: Malone 8-29 8-11 2A 
Stockton 10-15 1-2 21 . ReOeueds— Golden State 
SB (Owens 12). Utah 62 ULAMlone 23). As- 
sists— Golden Stare 21 (Johnson 8). Utah 3 
(Stockton 16). 

Minnesota U 23 U »6-«» 

LA Lakers 22 19 M 28-91 

M: Loettner 7-17 6-4 20, Rider M4 4-4 22. 
West 9-lt 2-2 20; LA: Garnpoeil 11-26 5-6 27. 
Dtvac 9-n 2-3 11 Rebounds— Minnesota 54 
(Loettner «». Los Arweles 59 IDivoc 11). At- 
SISO— Minnesota 34 (LaeWiwroJ.LOsAnoeie* 
23 (Van Exel 8). 

HoosMO 27 21 38 34—123 

Sacramento 2S 28 19 29—101 

H : Thome Mt 3-4 21. K-Sfrtllh 6-13 6-6 18; S: 
Tisdale 7-U 2-2 14. Richmond 7-18 8-9 24 Re- 
boBnds— Houston 50 (Thorpe W.Socromento 
47 (Tisdale 181. Assists— Houston 36 (Cassell 

8) , Sacramento 14 tweab. Richmond 51. 

Seattle K 28 27 K-IM 

Portland 38 24 2* 28-HO 

Si Kemp 10-18 7-7 28. Gill 8-14 4-5 20; P: 
C Robinson 10-19 6-7 26, Strickland IMS (M3 

30. Rebounds— Seattle 60 ( Kemo 12). Pori (and 

47 (Williams 8). Assists— Seam* 28 (Payton 

9) . Portland 21 (Strleklami 101. 

If .-*‘7^ 


- NHL Standings 


EASTERN CONFERENCE 
Atlantic WHs too 

W L T PtS OF OA 
47 23 
45 21 
34 32 

32 31 

33 37 
31 35 
25 40 


c<M.Y. Rangers 
x-New Jersey 
wasftiiwtor 
Florida 
Phltodelpfrd 
N.Y. Islanders 
Tampa Boy 

Northeast Dtvtttoa 


7 101 275 215 
II 101 287 202 


78 243 234 
77 214 *11 
73 273 292 
72 254 Hi 
61 201 233 


x-Monircal 

x-pittstwrati 

x-Boston 

BuflOta 

Quebec 

Hartford 

Ottawa 


25 

25 

25 

29 

38 

45 

56 


91 265 225 
91 278 284 
90 246 226 
87 256 200 
67 2»5 25? 
56 204 263 
32 178 357 


Day 7-17 8-M 2* M«rdtK* S-n ^31^ 
bounds— Boston 58 ( S. 
(Strom 10). T^nerr*. 

Milwaukee 28 (**«■ nAorrioC ^’ ^ 

Strong. Borrr 4>. „ M 33-717 

23 33 23 tf— n 
W1M4 V. Of 1 ??” 

II; D: ftawrftfuirn Hi *+ S 4 * S*ti 

-jut 

tas 42 (Rooks 9). As»iii*-S* 

.Robinson «t. CXHM* 22 ft - ev<rr ” 


P- 

r. 

? * 


x-Detrod 
*. Toronto 
x-Dalkss 
x-St. Louis 
Chicago 
Winnipeg 


WESTERN CONFERENCE 

central Dtytsion 

W L T PtS OF GA 

44 26 6 94 323 250 

40 25 12 92 251 ZIB 

39 26 11 89 258 236 

36 30 9 81 23* 259 

35 31 F 79 2J0 214 

23 4« 8 54 231 316 


Sen Antonio 


S: Robinson 


«-Caigorr 

x-vroncauret 

San Jo** 
Anaheim 
Los Angeles 
Edmonton 


Pacific Division 

37 27 12 

38 35 3 

29 33 IS 
29 42 5 

25 39 11 
21 43 12 


86 274 238 
70 259 M 
73 229 246 
69 210 239 
6) 268 291 
5* 2J92B1 


* -cl incited ouvotl bertn 


TUESDAY'S RESULTS 
Moetreoi • 2 •— 2 

New Jersey 8 3 J— 5 

Second Period: M-Doslardita 11 (Bellows. 
Damotwussel iop); NJ.-Hotik 10 (McKav. 
Poiusoi; NJ.-RWw 35 (Corpentor); NJ.- 
Guerin 22 (Milieu Zefepukin); to- Muller 22 
(Haller. Wilson) (sh). Third Period: nj.-NI- 
chol Is 19 ( Letnieux. Nledermayer) ,- nj. -M ac- 
Lean 36 (Smith). Shots on goal: M (on Bro- 
deur) 8-1 1-12—91. NJ. (an Roy) 12-12-8— XL 
N.Y. Range* 1 1 2-4 

Philadelphia 1 8 2—3 

First Period: H.Y^K0valew18(Lanner.Zu- 
bov) tee), p-Brlnd'Amour 30 lUndrm Ra- 
cine) (pp). Secoed Period: N.Y.-Matteau 18 
(Leefen). Third Period: P-Brintr Amour 31 
(Ltndros. Fedvk); N.Y.-Leetch 21 (Zubov. 
Messier) (pp):P-RenDerg36(DIMolo);N.Y.- 
Kovaiev 19 (Lormer.Matteau). Shots oe goal: 
N.Y. (on Sorter Strom J 5-5- 6 — 19. P<on Richter) 

5-io-is-aa 

R.Y. Islanders 18 10-2 

Washtagton 1 1 0 2 

First Period: W-Juneou 17 (Plvcnka An- 
derson); N.Y.-Chvzowskl l (Hogue. Dai- 
garao). Second Period: W-PouTIn 6 [Reekie. 
Miller). TMrd Period: N.Y.-Mcinnrt 22 (Mo- 
takbov.Kurvers) (ppj.Sbotson goal: SLY. ton 
Beaunre) 5*5-1— 15. w (on McLennan) 6-13- 
10-1—90. 

Hartferd 1 1 W 

Detroit 3 3 8-6 

First Period: D-Prooert 7, H-verbeek 34 
(Drury, Pronger); D-Sneepard 50 (Prlmeou. 
YwnuanJi D-Caftey 10 (Kozlov. Esenia) 
tag). Second Period: D-Fedoraw 53 (Cafiey. 
domranii; O-Prtmeau 20. H-Peirovtckv 5 
(Sanderson, Kucera): OFedorov 54 1 Kazlov, 
Coffev) (pp). snots on goal: H (on Essenia) 
10-9-11—30. D (on Burke. Peesel 10-12-10—31 
Wind tee* 1 < 3-9 

San Jose 4 9 1-9 

First Period: SJ .-Norton 7 (Lorionov.Ozo- 
llncn); SJ, -Makarov 2B (Norton, Larionov I 
tag); SJ.-Whllacy 10 (Fottoen); SJ.- Du- 
chesne 12 (Ellk. Ramie); W-Darrhi Shannon 
19 (Emerun. iWanun) (pp). Second Period: 
SJ.-Mafcarov 29 (OzoIFnsii. Garpemov); SJ.- 
wnuney 11 (Faitoen, Gaudreou); SJ.-Gar- 
pen lev 17 (Norton. Mokarw); W-Stton 19 
( Romanluk.Doml) ; ISJ.-Makarov 30 (PtoWl- 
tv shot), nurd Period: SJ.-Ratale 1 (Ozo- 
Hnsfi. Faltaon) (pp/.- w-LeBtanc d (Tom Un- 
ion) (»n w-KIng 4 I Darryl s»man. 
Bonoto). Shots on goal: W (on irbe.Woiieid- 
M6-32. SJ. (an CheveJdoe, O'Neill. Chevel- 
doe. O'Neill) FfrS-2(L 


SECOND ONE-DAY INTERNATIONAL 
India vs. Hew Zcatond 
Wednesday In Wettlngtao. Hem zeatand 

Intfa: 255-5 
New Zealand 1 243-9 

THIRD TEST 
west Indies vs. England 
«& Day, Tuesday. In Part-aKSgato 
weS indies second Inn togs: JsWoli out 
England second toninas: tO-8 


Major League Scores 

PRE-SEASON EXHIBITION GAMES 
TBestoVs Results 
Cleveland I. Florida 0 
Kansas Cilv II. CliKlmotl * 

Boston 7. Texas 1 

Minnesota «. Chicago While So* 1 

New York Mels t. Atlanta 0 

Houston 6. Los Angeles 1 

Pittsburgh 11. SL Louis 8 

Chicago Cuts 10. San Francisco 4 

Seattle IX Color 000 8 

California ia San Diego 6 

Oakland B, Milwaukee 3 

New York Yankees 6. Montreal 2 

Toronto 4, Detroit A 10 Innings, lie 

Baltimore &. PtiltorteiPhta 6. tie. 11 Innings 


BASKETBALL 

Mat tonal Basketball Association 
NBA— Fined Aniemee Hardaway, Orianrto 
guard. S 4 JJOO; Tree Rollins. Orlando ooistani 
coach. S 3 JOO; and Nick Anderson. Ortando 

guonlTtOTHy 1 — ' ,| r | " aoW rianandigi | lngto 

leave court in timely manner, and Brian HHI. 
Orion 00 coach. USOO tor derogatory com- 
merits about ofllctaltno in game Morch 22 . 

BOSTON CELTICS— Signed Todd Llchli. 
guard, to IB^toY contract. 

FOOTBALL 

Natleoal Football Leaaue 

GRE EN BA Y— Signed ScoH MorsereOu,dO- 

fenslve tockie, to l-vear com rod. 

KANSAS C I TY— Signed joe PWllipidehn- 

liveiackle.too-vear con trad. Released Sanro 
Slepnens, linebacker, ond Robert Williams, 
defensive bot*. 

N.Y. JETS— Named Doug Miller communi- 
ty affairs manager. 

PHILADELPHIA— RMto"« Maurice 
Johnson. »Wii end, to 2 -rtor ccniract. 

SAN FRANCISCO— Agreed to terms with 
Gory Plummer. Itaebocker, on 2 -year con- 
tract. waived Keith DeLong. itoebceker. 
HOCKEY 

Hottoaal Hockey League 
NHL— Suspended Tim Hunter, Vancouver 
forward. 3 gomes tor wrestling with linesman. 
Suspended Sergio M omesa. Vancouver tor- 

word.for 2 gamesondllnedhlms 500 torsiick - 1 

swinging incident In game again* n.y Rang- 
ers on Friday night. 

BUFFALO— ft weste nedSerad Petrenko and 
Mu llhew P orrwOy, >efi wtngi. to Rochester. A” L 
BOSTON— Recoiled Fred Knidsaieef.CBn- 
ler. from Providence. AHL. 


INTERNATIONAL FRIENDLY 
Soudl Arabto % Chile 2 

ENGLISH PREMIER LEAGUE 
loswich Z Matches! er Cltv 2 
Newcastle 1 Norwkfl 0 
Wimbledon 4, Block bum j 


development, facilities and promo- 
tion. (API 

Ray Mercer, the heavyweight 
contender charged with offering 
the fighter Jesse Ferguson $1 00.000 
In mid-fight to take a dive, was 
found not guilty by a jure in New 
YorkCitv. ’ (S YT) 

Alberlo Cova, 35. ihe former 
world and Olympic champion at 
10.000 meters, was elected to the 
Italian parliament on the ticket of 
Forza Italia. IAP) 

Miguel Angel Gonzalez of Mexi- 
co retained his WBC lightweight 
title by slopping Jean-Baptiste 
Mendy of France in the fifth round 
in Paris. IAP) 


Quotable 


• Dan Shaughnessy in the Bos- 
ton Globe: “You know- there’s been 
too much college hoops on the tube 
when vour 6 -year-old takes his 
crayons to the TV screen and 
claims he just wants to design a 
play on the telescrator like Al 
McGuire docs." 


By Larry Dorman 

Va \rrk Times Senur 

PONTE VEDRA. Florida — In 
golf's most recent golden age. the 
Big Three were Arnold Palmer. 
Jack Nicklaus and Gary Player. 
They were the undisputed giants of 
the game, players who had a com- 
bined total of nearly 200 world wide 
victories by the time each bad 
reached his 38th birthday. 

It would be folly to suggest that 
's current Big Three — Greg 

lorman. 39. Nick Faldo. 36. and 
Nick Price. 37. — will ever domi- 
nate the game to the extern that 
their predecessors did. 

There simply are too many vari- 
ables, beginning with a larger num- 
ber of formidable competitors and 
ending with enormous, motivation- 
sapping appearance fees for corpo- 
rate outings. 

But a '90s golden age could he on 
the horizon. The current Big Three, 
with 126 victories among them, are 
rounding into form at just (he right 
time. With the Masters, the first of 
golf's four major championships, 
starting April 7. Norman. Faldo 
and Price are all “on song.” as the 
Europeans say. 

They are entering what should be 
the prime years of their careers. 
They, with Bernhard Langer. Fred 
Couples and Paul Azinger (when 
healthy), have clearly separated 
themselves from golf's hoi pollen. 

Norman, who breezed through 
Iasi weekend's Players Champion- 
ship a whopping 24 strokes under 
par, has his game tuned almost 10 a 
perfect pitch. It looks much as it 
did when, in hi> finest perfor- 


mance. he won the British Open at 
Royal Sl George's last summer 
with a final-round 64. 

“I’m really enjoying the way I'm 
playing golf right now.” said Nor- 
man. won had alreads won earlier 
this year at the Johnnie Walker 
Classic at Phuket. Thailand. 

In six outings, he has finished 
out of the top lOjust once, a lie for 
18th at the Australian Masters in 
February. This month, he has shot 
just one over-par round, a 74 in Ihe 
second round at (he Doral-Rvder 
Open. 

Price is in Ihe same son of slot. 
His missing the cut last week can be 
dismissed as an aberration: He was 
suffering from a head cold, and 
from the pressures of more than a 
year on leader boards around the 
world. 

In the last 1 9 months, he has won 
12 times and has 22 lop-three fin- 
ishes in 49 events, in 1994. he had 
either won or finished second in 
four of his five Mans before the 
cold struck. 

This Masters will he a telling one 
for him. He ha> shown a disturbing 
tendency to wilt when the white- 
hot light of expectation focuses on 
him. especially at the majors. 

At last year's Masters — the last 
previous time he had missed a cut 
— he shot a second-round 81 two 
weeks after winning the Players 
Championship with a scary display 
of accuracy. He could not over- 
come a balky putter at the L’.S. 
Open and finished tied for llih. 

Then, after winning two PGA 
Tour events in three weeks, he went 
to the British Open as the favorite 
and lied for sixth. Coming off an 


impressive victory ji Mcmplii*. he 
finished 3 1 si at the PGA Champi- 
onship while trying to defend h)» 
1992 title. 

“Tbe majors are u differed i\pc 
of pressure.” Price said earlier this 
year. “We uy to get our games to 
peak at that very week, and that 
can be difficult. Now I realize whin 
it was like for players like Arnold 
and Jack, who were always under 
that kind of pressure. 

“1 want to win another major 
very badly. 1 think that's the next 
step for me." 

Unlike Price and Norman, a gre- 
garious twosome, the solitary 
Faldo has won two different ma- 
jors. He has two Masters lilies and 
three British Opens, and what his 
game lacks in power and flamboy- 
ance is more than offset by afmosi 
metronomic accuracy. 

Much was made of his missing 
the cut by a stroke at Doral. where 
he hit a wedge shot into the water ai 
the Iasi hole on Friday, but Faldo's 
game is arriving on schedule. 

When he is playing wdl. he has 
an aura about him. He walks. u(k> 
and plav.s as though he is above ii 
all. At the moment, he is anpn -jell- 
ing that. His putter is working and 
he is working hard with ibe ivvivh 
David Leadbeller to tighten any 
remaining loose bolts in his swing.- 

After taking earlier this nu>nih 
off to England for the binhduv., of 
two of his three children. Faldo is 
hack and refreshed. He will play 
this week ai New Orleans to finish 
his Masters preparation. 

As golfs first major approaches, 
•he sport's three major players have 
their gnme'.s in hand. Spring has 
rarely heen brighter with proinisi- 


ESCORTS & GUIDES 


FERRARI 

LONDON ESCORT AG ENCY 
MAJOR tSSXrCAHS ACCBTH) 


INTERNATIONAL CLASSIFIED 


(Continued From Page 4) 


CHRBTBC 

New eston icvte .1 ZURi;i- 
Tet 077-77Q190 7 do* 


TOKYO 

Esccri GudeSt'-'C* TeW>». 

63 351 £76 

,VtBWA‘aaO*ZUBCH*ntAHA 


* 6 : 


071 589 8200 

•NEW VIOLET Etcer) Sarvin 
ZUBQt * PARS 

Credl cards oeoealed 
far Zunha*<P7 638332 
Otor at id R^U *35?49420y 

TAOTHA’5 

L09D0N - PARIS BCORT SBtVKE 

071 266 0586 

R0TIHDAM WHTFS 

Esccrt Sennet 

WesOwd^i 94 

BJTE-REGA1£ INTL 

Engbh, Caitlm European, Braekan. 
man. Onentol A non I2am-12pm 
IWt A Frato. UK OPT 586 

Crecki ctrtk Esa*i Service Worldwide 

MISS GENEVA & PAWS 

Escort Agsncr 346 OD 89 pkH n»« 

WTBNAWNAl ESCORTS 

Sttmee Anoietb 

Tit 212-765-7*96 New Yurt. USA 
Mrct Credi Co»* 6 Ctacb Aettptd 

LOMXMBRAZKJAN Escort 

Service 071 724 5597 '91 Open ’ 3 co 


R8EM3LY. EEtjANT EDUCATE 
Suoteme facort *43 ■ 532'* T.' 


CHB5EA E5COKT SERVICE 
SI Beou d iamp Place. London SW3 
TeJ 071-564 65'3 EtfdMtd ’B «ea» 


! MOUBON OUB - VBMA ESCORT iB&UN ESCORT - 5BMCE 


Servtt 5 Recto 
0222 56 BA 64 


Wienzedf 2 a 


' MJUS * SOUTH OFJRMKE * 
LONDON * ESCORT 5BMCE 
PLEASE CAU LONDON ’l 394 Ste 

my 


TAJ MAHAL Engfah. h»cp oor Jooo n 
Onenm Exon Sana Gedn cadi 
IJ-mrinqN LONDON CTI 286 41Q5 

| CHAMPAGNE ESCORT SERVICE 

Cvifabeai 7 (Joys !Iam-l2r» T 
83f<W?OJ 


Arport-iiaftB 
with cor. Tel 


-iTgftrfei OK SW* & 

F»030 2'8940; 


English 

081671 


678 7421 « 0831 , 


MAHOGANY ANGBS Of LONDON 

CAHBSEAN escort service 

071.73S-7047 redi cads occegtoO 


GBfliBers 
con wvee 
HoBandTel 


Moyas' n 
_ lOffl jo to Hogue 

31 P7CD 3607806 . 


.•PARIS X LONDON* _ 

- BfGANT & EDUCaTBJ * EXCLUSIVE 
1 beortSewite London pi} 394 5U5 

I VIENNA 'PARIS’ MILAN- ZURICH 

, EutoCOMoet imi Eko>> • ' p* 

S Cr# 4-WWO * 43 ' jlC V ,e 


CHAHBC BBAMS AM) BEAUTY 

LONDON P8JVATE E5CORT SERVICE 
CAUQ7 1 385 2831 

JAPAPEE. QBNESi, THAI 
ESCORT sawCE Dmju^ 
Pieoia phone Ort 225 3314 lunov' 

- * * BEAurm ■* GSL5 • * • 
LOMJON 5 NEWEST E5C0T 
AG8<Y 071 736 0311 7 Da>S 
BMJSSHS •■ SAHXK" 11 

b«n» Se-w^e 02 34.» c E ys v 


MBAN.BJTE 

MuKinaW facori S&.-tb 

TeL 39^ 407 78 77 

IRAMMJRT KOLN DUSSHJDOR9 
olarea. Excr* Sa^te 'o>- 


.. .. •• DISCREET * : 
TOP * QUALITY - ESCOEl ■ iStfif 
lOMWN 0 ■ v 3 1 4 * : ) 

ITALY • PARIS • COTE tTAZUfi 
French Bnfle«o Ew Age*-t- 
IVal pwH - y> 1P4 jifer 
’G&tfVA ANY* bcart Agmy* “ 
Em* Dane s Tia*r 
. «aetand.W * Q2I V*. 

AMSTBSAM BONADETTE 
Exert Seiwu 

Tet 631 63 36 » c?‘ 'k 4: 


‘ GENEVA * ROYAL • PARE- - “ 
^SCORT®wCf & i^. 
0*tN ’ Day' t w - q ^ ^ . 


bune „ 
1994 ‘ 
ige7 m 


nster- 

;i^oo 

about 
: fares 
ica byj 

seven!! 
■k fori 
,625x1 
■nstopl 
6,412r 


>uy a 



incluc 

jhiero 


Art, re 
xidays 
Age c 
scape: 
»rtrait 

Jalnter 

Mao. I 
3 rich l 
Jentur 
the Or 
Winiei 
s pain 
■dudin 
tasy b 
308 b 
ay Ca 

asn At 
d Mor 
*pt * 
J Drav 

Permt 
land 1 
Berner 
!wo mt 

5 wort 
Yitt an 


c 






* * . 


Page 18 


INTERNATIONAL HERALD TRIBUNE, THURSDAY, MARCH 31, 1994* 


ART BUCHWALD 


Cancel Spring Break 


B.B.: And God Created an Animal Lover 


PEOPLE 


T1/ASHINGT0N - I was on 
YY the airplane enjoying the 
sound of the college students drink- 
ing merrily in the seats behind me 
when the man sitting next to me 
said, “They ought to abolish spring 
break.” 

I couldn’t believe my ears. “Sir, 
are you an 
American citi- 
zen?" I asked 
him. 

“Of course ” 
he replied. 

“Why do you 
ask?” 

“Because no 
full-blooded 
American would 
want to get rid ^ . 
of spring break. BuchwaJd 
It is the cornerstone of our Consti- 
tution. Our patriotic soldiers 
fought King George to ensure that 
every Colonial student, regardless 
of race, creed or religion, would be 
entitled to spring break.” 

□ 

“What the bell are students do- 
ing taking vacations when they 
can’t even read or write?” 

“Their young min ds are fragile. 
You can't force too many facts on 
them in one semester — they could 

collapse with exhaustion.” 

“I never had a spring break," he 
said. 



“Then you haven't expaienced 

the best years of your life. You were 
deprived of beer busts and suntans 
and blanket parties and all the 
things that kick enjoy nowadays. I 
would be bitter, too, if I never 
cruised down the main drag of Fort 
Lauderdale in my underwear bonk- 
ing at all the great bodies.” 

“If we abolished spring break, 
we might discover a way to dispose 
of nuclear waste,” he told me. 

“That is just a guess on your 
part. There is no guarantee that if 
you make students study they will 
find a solution to the world’s prob- 
lems. Two or three weeks is not 
goin g to make any difference when 
it comes to sending astronauts into 
space.” 


“If I had my way, I would lock 
every one of them up in the study 
hall and throw away the key,” he 
said. 

“Bite your tongue. Yob are talk- 
ing about vulnerable children who 
could not function without ski va- 
cations or touch football on the 
private front lawns of Palm 
Springs. I know these kids. They 
gave all they could to their class- 
room work and they- hardly have 
enough energy left to wind-surf off 
the shores of Hawaii.” 


Berlin Cancels 


Hitler Exhibition 


The Associated Press 


B ERLIN — Berlin's history 
museum bowed to pressure 


D museum bowed to pressure 
and canceled an exhibition of 
Adoif Hitler propaganda photos, 
even though the show had been 
praised as a serious examination of 
the “FOhrer myth." 

The exhibit features the work of 
Hitler's personal photographer. 
Heinrich Hoffmann, and has been 
seen by more than 40,000 people in 
Munich since it opened this year. It 
was to have opened on April 28 at 
the German History Museum in 
Berlin. 

The museum director, Christoph 
Sioeizl, said he was surprised by the 
objections to the exhibit, but decid- 
ed to cancel it after a personal ap- 
peal from the head of Beilin's Jew- 
ish co mm unity. 


My fellow passenger was ada- 
mant. “The worst thing about 
spring break is that it isn't just for 
college students, but high school 
students and grammar school chil- 
dren also get the time off. This 
means that their parents have to go 
somewhere with their children for 
those two weeks.” 

“What’s wrong with that?” I 
asked. 

“The parents are also illiterate.” 

“Look, that's how the cookie 
crumbles. Besides, it gives the 
teachers a chance to get away.” 

“Why should they expect a break 
if their students can't read or 
writer 

“You’re biased against our 
American educational system. The 
only thing that counts in this coun- 
try is that our students are happy. 
Spring break is a time for them to 
forget their cares and create memo- 
ries for their adult years. You don't 
even have to be smart to enjoy the 
vacation. No matter where you 
stand academically you have as 
much chance as the next person to 
catch the perfect wave.” 


By Alan Riding 

Nett York Times Scrmce 

P ARIS — The photographs decorating 
her office show Brigitte Bardot much 
as she looked when she first seduced the 
world: long blood hair, seductive eyes, 
pouting mouth. 

The slim upright woman in blade who 
appeared through the door had reading 
glasses hanging from her neck and the 
fined face of someone who had spent a 
summer too many in the sun. 

Yet, she, too, looked familiar. 

Since abandoning her movie career 21 
years ago, Brigitte Bardot has wrapped a 
veil around her private lifev but B. B. the 
name and B. B. the face have not been 
forgotten here. Now, however, she dedi- 
cates the fame she acquired as a sex kitten 
to protecting real cats —and dogs, horses 
and all the other animats God created 
when He also created woman. 

Cinema? 

“It's over ” she said, sitting in the Paris 
office of the animal rights foundation that 
carries her name. “It’s another world. I 
have no more friends from those days. I 
have no time for that. I only live in the 
world of animal protection. I speak only of 
that I think only of that. 1 am obsessed.” 

She looked pleased with her answer, as 
if confident she had smothered further 
discussion of her screen past “1 always 
loved animals.” she went on. “But when I 
was making films, I discovered there was a 
difference between loving animals and 
fighting for them — and 1 didn’t have time 
to fight for them. So that’s why I gave up 
cinema. 1 stopped making films to look 
after animals." 

In 46 films over 22 years. Bardot had 
come to personify (he French “art of lov- 
ing,” and an entire generation mourned 
her retirement. But implicitly, there was 
more to her decision than just saving ani- 
mals. When Bardot reached 30. the author 
Marguerite Duras wrote; “Brigitte, your 
choice is to become a woman or to age into 
an old little gni.” So she chose: Her young 
beauty would be preserved on cefluioid 
and she would age at her own pace — 
without lifts or tucks — off camera. 

Now, six months before her 60th birth- 
day. sitting primly behind a desk, her eyes 
still sparkling, her hair piled on her bead in 
a fi. B. style once nicknamed choucrouie 
(sauerkraut), she seemed happy with her 
decision. She knows that, for all their love 
of cats and dogs, many consider her eccen- 
tric. Y et, even now, she lacks the solemnity 
of true fanatics. She called for a bottle of 
Champagne. 

“It's the one thing that gives me some 
zest when 1 fed tired.” she said, filling two 
glasses and toasting, “To the animals. I'm 
not an extremist, you know. Someone has 
to do this.” 





Brigitte Bardot with a friend: ‘Tm not an extremist.' 


Of course, it helps to be B. B„ as she is 
still known here. She can get air time cm 
French television to promote her causes. 
When she denounces cmelty to animals, 
she is assured news coverage — or worse. 
After she urged the French to stop eating 
horse meat, death threats, presumably 
from angry butchers, followed. And what 
political leader is not going to read a letter 
from Brigitte Bardot 

“When 1 gave up movies, some people 
said I was protecting animals to gain pub- 
licity," she recalled. “Now, if there was 
one woman in the world who didn't need 
publicity, who always had too much pub- 
licity, it was roe. Even today, there are 
people who ask, why don't you help chil- 
dren. or the people in Bosnia, or old peo- 
ple, or AIDS victims? There are always 
people telling me I should worry about 
something efie.” 

On top of that, the first Brigitte Bardot 
Foundation in 1977 failed after just three 
months. But she tried again in 1986. this 
time with professional bdp. And to raise 
the necessary' £500,000 capital she auc- 
tioned off almost aB her belongings — 


furniture, paintings, movie mementoes, her 
favorite guitar, even her jewelry. She also 
donated La Madrague, herbeachsde home 
in Saint-Tropez, to the new foundation. 

But (here woe still those who sniped 
that she chose to love animals becanse she 


had been so let down by men. Her first 
marriage, at 18, was to the director Roger 
Vadim, who turned her into a legend with 
his 1956 film “And God Created Wom- 
an.” After seven years, they separated. 
Two more marriages — to Jacques Char- 
rier, an actor, mid Gunther Sadis, a mil- 
lionaire industrialist — and many affairs 
also ended in disappointment. 

Then, 18 months ago, she married again, 
this time to Bernard cTOrmale, a business 
executive. And are you still married? “It 
depends on the day,” she said with a laugh 
that lasted barely a second. “It’s a private 
matter of no concern to anyone ” 

Her marriage did draw' attention, 
though, becanse d’Ortnale was a dose as- 
sociate of Jean-Marie Le Pen, the leader of 
France’s extreme rightist National Front. 
Some financial backers of her foundation 
were unhappy with her choice of spouse. 


She is still angry about the reaction, not 
least because she considers herself a GauO- 
ist and not an extreme rightist 

lae year, with contributions down and 
the foundation staring bankruptcy in the 
face; Bardot had to save die day by appear- 
ing on a television variety show to appeal 
for funds. And the public responded. 

That crisis is over, and she can again turn 
her attention to denouncing cruelty to ani- 
mals. And her list of enemies is long: the 
Japanese and Norwegians lor hunting 
whales; the Spanish for fighting bolls; the 
Russians for killing baby seals; the Filipi- 
nos for eating dogs; the Chinese for not 
stop pi ng tiger hunting; pharmaceutical 
companies for vivisection, and furriers, 
hunters and circus operators the world over. 

Her strategy remains un chan ge d . She 
makes the public protests on television or 
by bombarding newspapers with faxes. Ho 1 
foundation follows up with letters, demon- 
strations, lawsuits, participation in interna- 
tional conferences and. where possible, 
meetings with government authorities. 
With a S90C1000 annual budget, the founda- 
tion has a 10-person staff and 25,000 con- 
tributing members. 

For all the global reach of her protests, 
the French do not escape her wrath. In : 
some cases, Hke the hunting of turtledoves 
in southwest Ranee and the consumption 
of horse meat, Bardot is confronting deep 
traditions. But she considers them no less 
□ndvQized. She has also criticized the ritual 
slaughter of sheep by Muslims in France 
and has tried to persuade the Paris Mosque 
to allow the aniniak to be stunned with an 
electric shock before they are killed. 

Last year, the foundation spent almost 
$200,000 on a program for sterilizing wild 
cals who live in cemeteries, parks and 
empty city lots. “We collect them, sterilize 
than painlessly and then put them back 
whore we found them,” she said. 

No fewer than 60 cats, though, have 
found refuge in Bardot's own home in 
Saint-Tropez — with 15 dogs, sheep, 
goats, a horse, a mare and a donkey. “Toe 
birds, the turtledoves, the chickens are in 
nature,” she said. “My chickens are the 
happiest in the world, because I have been 
a vegetarian for the past 20 years.” 

So this is how she plans to aid her days: 
“No longer as image, a physique, a sex 
symbol” as she once put it “but a spokes- 
woman for animals.” 

And is she now happy? “Sometimes I 
cry myself to sleep thinking about the 
suffering of animals,* she said slowly. 
“But I think people are now coming to 
respect me for bong so obstinate.” 

She took, a final sip of Champagne and 
suddenly looked more cheerful. “After 
all” she added, “1 could have said, Tm 
going off to sun myself in the Bahamas.' ” 


Dossin Takes Up Cause 
In Memory of Mercouri 


Aries Dassin, the husband of the 


late Mefina Mercouri, says he will 
try to fulfill his wife's dream to get 
back the Parthenon marbles from 
the British Museum in London and 
house than in a new Acropolis mu- 
seum. The American- born film di- 
rector made the pledge after he was 
appointed president of a founda- 


appomted president oi a tounoa- f < 
don named in honor of the actress- j III 

politician- The government esrab-“f?.if # / / i 1 
ih* M*Hnn Meremin mkJ ft * 


fished the Melina Mercouri 
Foundation after the actress died 
on March 6 at age 73. Its goal is to 
promote the new museum and the 
return of the Elgin Marbles. 

□ 


Lynn Redgrave has been elected 
president of the Players, a 106- 
year-okl dub for actors and pa- 
trons of the arts. Chosen for the 
position by the 22-member board 
of directors, she will be the Players’ 
first female president. The first 
woman member, Helen Hayes, was 
not admitted until 1988. 


Inna Tamer, 74, has been re- 
leased after a week in a Los Angeles 
hospital where she was treated for 
pneumonia. 

□ 


The police recovered a cache of 
stolen Marilyn Monroe memorabil- 
ia. but not the halter-top dress that - 
billowed up as she stood over a 
subway grate in the 1955 movie 
“The Sewn Year Itch.” The items 
were stden last year from a locker m - 
New York rented by the family of 1 
Lee Strasberg, Monroe’s mentor 
and were found in another locker in , 
the same warehouse. \ 

□ 


1 an 




Grace SBck, former lead singer 
for Jefferson Airplane and Jeffs- j ■ i , 
son Starship, pleaded not guilty to rjf [ j 
pointing a shotgun at a police offi- ■ 
ccr during a standoff at her home . < 
north of San Francisco. vjjrp? ; 

□ 


V Tin : 


Marvin Gaye was shot to death 
by his father 10 years ago Frida)-, a 
day before the singer’s 45th birth- 
day. To mark the anniversary and 
honor Gaye's 26-year career. Mo- 
town Records says it will reissue 
many of bis works on compact disk. 


INTERNATIOl\AL 

CLASSIFIED 

Appears an Page 4 


WEATHER 


WEEKEND SKI REPORT 


Europe 


Forecast for Friday through Sunday, as provided by Accu-Weather. 


Costa M Serf 

Dutai 

EUnbanfi 


SLRgtanbup 


fenboug 

Tatann 

Vwm 


Today 
MgH Low 
OF OF 
2 WTO 13*5 
13/55 9M8 

13/55 -W31 
18*4 7AM 
20*8 11152 
IBS* 7/44 
13/55 3/37 

1MI BM8 
14/57 B/43 

S/48 4/39 

22/71 13/55 
13S5 5/41 

12/33 5/41 
19*8 B/46 

IM51 8746 
’7/62 B/46 

307 -3/27 
14/57 «/39 

24/78 1 BOB 
18/8* 12/53 
14/57 7/44 

21/TO S/48 
21/TO 7/44 

1/34 -2/38 
17/62 409 

ISO* 8/48 
3/48 205 

19/ns 1203 
1601 CMS 
12*3 2/36 

5141 307 

22/71 9/48 

307 -0/22 
307 
17/62 6/43 

2/36 -3/37 
17*2 B/46 

1407 8/43 

11/S 409 

18*4 6/43 


7^ 


Today 
Won Urn 

OF OF 




33*1 26/79 
23/73 1203 
20*8 17/62 
33/91 23/73 
36*7 18*4 
18*1 4/39 

17*2 B/48 

30*8 24/75 
22/71 16*1 
IB/81 2/35 


11980ft 

Andorra 

Pas dels Casa 
Sotdeu 


Dopth Mtn. Bo*. Snow Last 
L U PMm PtctM Sts* Snow 


Dopth Hn. Boo. Snow Last 
L U PMm PMn State Snow 


80 130 Fair Open Spmg 26. o Resort tuSy open spring sitting 
30 145 Fatr SomB Spmg 26/3 AHZ2MU open good but parctry 


Courmayeur 

Selva 

Sestribre 


20105 Fair CM Spmg 17/3 2&'27 Gfts open. upper stapes a* 

S 50 Pair Some Spmg 4/3 5//7J5teap«n. s/us/i in pm 

35 35 Fair Open Spmg 3/3 13/21 BPs open, wntoasonattie 


I UnaasaouMy 
CM 


North America 

The Northeast wB have dry. 
chilly weather Friday. The 
weekend *vS be breezy end 
milder. Showers from north- 
east Mexico wS creep north- 
ward into South Texas Fri- 
day into the weekend. The 
Plains wfl have oiM weether 
with showers possible over 
(he weekend. Phoenix and 
Los Angeles win be warn 


Europe 

Stormy weather wfll continue 
to affect the British Isles, 
NortfrSee and Sca/xJsiavta 
Friday into Saturday. Winds 
will be quite strong Friday 
into Saturday, then dhnkrtsh 
a bit Sunday. Paris and Lon- 
don wM be dry and season- 
able by Sunday. Heavy rains 
will soak southeastern 
Europe this weekend 


Asia 

Warm spring weather will 
stage eastward from Beijing 
through Seoti Friday into the 
weekend. Milder weather 
and some sun wl prevaB at 


C*wTwwi 

Ctntbna 


21/70 1407 I 22/71 1407 • 
25/77 1407 • 26/79 18*1 pc 
23/73 1203 ■ 24/75 14*7 S 
23/73 8*8 s 29*4 11/52 pc 

32*8 27*0 pc 32*8 27*0 * 
25/77 9/48 > 26/79 1305 ah 
34/75 12*3 a 25/77 13*6 pc 


Austria 

l&chgl 

Kttzbuhel 

Obergurgl 

Saalbach 

SLAnton 


20 170 Far Open We? 26/3 AB 40 kits open, good spring sitting 

0 85 Fair OsdSpmg 26/3 39 '64 Sits open, pass Thorn ok 

30110 Gcod Open Var 26/3 AB 22 Ms open, good n slopes 
0 45 poor OsdSpmg 27/3 AB set open, patchy conddans 
15320 Good Some Ssh 26 '3 31 -35 /BTs open. tap goad 


85 90 Good Open V* 23/3 AB 18 Ms open, groat condom 


Baqueira Beret 100225 Fair Open Spmg 26/3 AB 22 tm end -to 43 pistes open 


Tokyo Ihte weekend. Hong 
Kong through south -central 
China wHI be rattier cloudy 
with on-and-off ram. Mania 
through Bangkok will be 
partly sunny and very warm. 


North America 


Middle East 


Latin America 


Oceania 


23/73 14*7 a 23/73 15*9 * 
23/73 17*2 pc 24/75 17*2 pa 


Today Tomorrow 

Mgh In W Mp Low W 

OF OF CF OF 

19*8 14/57 pc 19*6 13*5 pc 

17*2 9/48 pc 21/70 10*0 pc 

13*8 8/48 pc 14*7 &/41 a 

15/56 11/52 pc 15*8 8/46 pc 

28/7B 0/43 a 28/82 7«4 a 

30*8 19*6 pc 34*3 18*4 a 


Today Tomorrow 

Wb*> Low W HJjpi Low W 
CIF OF Cff C IF 

Buam/tfeaa 21/70 11/62 a 23/73 15/59 pc 

Cmaem 29*4 20*8 pc 29*4 20*8 pc 

Una 28/79 21/70 pc 27*0 21/70 C 

MwdeoCky 25 /77 7/44 pc 20/79 8/48 po 

RbdaJSMwo 33*1 29/73 a 33*1 23/73 a 

Saratoga 27*0 12*3 a 27*0 13/58 a 


Dotal 
HonokJu 
Houston 
Ias Angetoa 


legend: Many, pc -partly c*xx/y. txJoutfy, s/vafwwara, wnumterafflmis. «Bh. sJ-anow Suntes, 
s/vsnow.Mce.W-Weafier. AB map*. lur c caata and data provided by Accw-We&ttnr. me. 6 1994 


C 3/37 
pc 12*8 
pc 13*6 
a 16*1 
a 19*6 
a 12*3 

c 29*4 
a 21/70 
pc 24/75 
c 27*0 
• 13/56 
rt 4/38 
pc 27*0 
pc 19*5 
■ 31*8 
1 a 19*5 
pc 18*1 
pc 7/44 
oh 18*1 


France 

Alpe d*Huez 

Lee Ares 

Avoriaz 

Chamonix 

Courchevel 

LesOeux Alpes 

teola 

Mflnbef 

LaPlagne 

Serre Chevattar 

Trgnes 

ValdTsOre 

Val Thorens 


Open ‘ Var 
OpenSpmg 
Open Hay 
poor V» 
Open Var 
Some Spmg 
Open Spmg 
Open Spmg 
Open Var 
Slsh Hvy 
Open Var 
Open Var 
Open Var 


26/3 53^86 Ms open, good skong 
26/3 SB.’ 54 ttrs open, good +230QV 
26. 3 AB aits open, upper dopes stSI ok 
26/3 39 -46 MS open. G. Mbotett Ok 
26/3 AB 64 tots open, good siting 
4/3 60/63 m open, lop slopes good 
26/3 24. 26 Uts open n slopes ok 
26-3 48 49 ktt open most runs open 
26/3 103 -112 Bits open good +2200 
21/3 67 >77 Btts opens stapes poor 
26/3 50/55 Ms open, great skiing 
26/3 4S. 51 Uts open, great + 2300m 
26-3 ab x tots open, n dopes good 


'Arose 

Crans Montana 

Davos 

GrindetwaW 

StMoritz 

Verbier 

Wenger 

Zermatt 


TO 85 Good 
10100 Fak 
30 190 Good 
0 55 poor 
20185 Fair 
5300 Good 
0 60 Fak 
10 120 Good 


Open Spmg 
Chd Var 
Open Var 
Clad Var 
Worn Spmg 
Clad Var 
ctea vht 
poor Var 


26/3 AB Uts open, top runs good mam 
26/3 34/40 60s open, good /- 2200 m 
27/3 35/3BIUS open, good piste stating 
26/3 25-33 Uts open, timtea skiing 
18/3 AB B4 BOs open, n dopes good 
26/3 34-39 Btls open, good +320&H 
26/3 1 7.-33 Bfts open, kmnoa skimg 
25/3 70/73 Btta open good at lop 


Germany 

Garmisch 

Otoerstdort 

Italy 

Borm/o 

Cervinia 

Cortina 


0280 Good 
0170 Farr 


Qsd Var 26/3 18'3B Ha open, ZugspKze great 
Ctsd Var 26/3 24/27 Uts open lop sfcpas good 


US. 

Aspen 

Heavenly 

Mammoth 

Parti City 

Steamboat 

TeBuride 

Vail 


155 170 Good 
100 195 Good 
165 180 Good 
100 205 Good 
130190 Good 
140 155 Good 
140175 Good 


Open Sprng 
Open Pwdr 
Open Pcko 
Open Var 
Open Var 
Open Pwdr 
Open Pwdr 


25/3 All B Ms Open 
28/3 21 >'24 Uts open 
25/3 28/30 tilts open 
25/3 AB 14 Bits open 
Z7/3 AB 1 9 hits open 
27/3 ABIOBttsopen 
28/3 AB 25 tide open 


0 120 Fatr 
30 255 Fair 
0 55 Fair 


Ctsd Spmg 21/3 13/ 1 l Ub open. 70cm et 2000n 
Open Spmg 17/3 Mitts open, some bare patches 
Ctsd Spmg 6/2 20/40 Ms open, bated siting 


Whistler 6Q280 Good Open Spmg 21/3 AB Btg and pates open C 'T' 

Key LJJ. Depth In cm on kw aid upper slopes. Mai. PisMs. Mountainside pistes. He*. 

PMnHims leadftg » resort vilege. ArtArtfidal snow. J. i . t 

Reports suppBed by the Ski Club of Greet Brian 


Travel in a world without borders, time zones 

or language barriers. 


/B30' Access Numbers. 

How (ocaO around the world. 

1. Using the chan below, Rod the country you an* calling from. 

2. Dial tbe corresponding /ffi£T Access Number. 

J. An AICT Er^lteb-speaktagOperatw or voice prompt will ask for the phone number you wish to call or connect you cu a 
customer service representative 

To receive your free wallet card of AST* Access Number just dal the access numberof 
trie country yoitYe hi and ask for Customer Service. 


CO UNTRY ACCESS NUMBER COUNTR Y ACCESS NUMBER COUNTRY ACCESS NIJMKFR 

ACT A /Dimnr befamd ■* annHnitfu, ■ * . ! 


ASIA/PACIFIC 

AratraBa 0014 

CUmgPRCta* 


0014-881-011 Italy* 

108H Iirrfttrostc*n* 


1-800-550000 Colombia 

172-101 i icosaRka** 


Hong Kong 

Indta* 


018872 Utfammiae 
8001111 Luxembourg 


1550011 Ecuador* 

8a196 H Salvador* 


000117 Mala* 

001*801-10 Mbm 

0039-111 Nethc 


OBOMPOlltt Gny*m~' 


Korea** 
Malays (a* 

New Zealand 


039-111 Nabedands* 
009-11 Norway* 

IV Potant fto- 


Saipan* 

' Singapore 
• Sri Lanka 

Taiwan* 

Thailand* 


8000011 Portxgal* 

000911 

105-11 gnseta-Qrtoe 
Z35-2872 ; Shmdda 
tiOOOlll-111 Spain 
430430 Sweden* 
006010288-0 g wfaj jfaaf 


0019-991-1111 UJL 


^ amt ■ Imagine a world where you can call country to country as easily as you can from home. And 

/. - reac ^ 1 US. directly from over 125 countries. Converse with someone who doesn’t speak your 

language, since it’s translated instantly. Call your clients at 3 am, knowing they'll get the message in 
your voice at a more polite hour. All this is now possible with AI5SE 1 

To use these services, dial the AJi£T Access Number of the country you're in and you'll get all the 
help you need. With these Access Numbers and your AE£T Calling Card, international calling has never been easier. 

If you don’t have an AR£T Calling Card or you’d like more inform anon on atw dnKal sf>rvir« h isr rail u« n.mns> rhe 


EUROPE 


A r me nia — 


<****>& 


Belgium* 

Bulgaria 

Croatia** 

Czech Hep 

Denmark? 

Finland* 


800-190-11 

“ fcMMgjMl 

05017-1-288 

01-600-4288 : 

*o»cctw) 155-5042 

0042000101 

90099-00-11 

020-795-611 

nd* 15580-11 

0500858011 

MIDDLE EAST 

800801 ’ 

' ortvoOoio. 

177-1002727 

BOO-288. 


194-0011 Honduras’* 

'Medco**Z~ 


Panama* 

Peru* 

Suriname 

Uruguay 

Venezuela** 


i (Managua) 


98011-8010 

114 

U9- 

. 190 

190 ' 

165 

U> 

958004624240 


m. 

109 

J91 

156 

000410 

80011-120 


If you don’t have an AR£T Calling Card or you’d like more information on AR£T global services, just call us using the 
convenient Access Numbers on your right. 


Germany 

Greece* 

' H ung ar y*' 

Iceland** 


8*14111 Bahrain 800-001 

0228058U Cyprus* OBOMSKiflC 

078-11-0010 Iarari 177-100-2727 

001800-00(0 Kuwait B0P288 

99-388011 rcfwmn a (Beirut) 436-801 

| 84aHI010( Saudi Arabia 1-800-100 

WMjWj Turkey* 00800-12277' 

AMERICAS 

**£*”* . * Argentina* 001-800-200-1111 

°»8801G Betegw " 1 55 5 

- °O80O-13U Bolivia* 08003111 


CAB1BHBAN 

1-800-872-2861 . 

0500898011 ‘ Bermuda ' 1800872-2881 

BEAST ‘British VI 1-800872-2881, 

800801 ' Cgy ranM a nr i * 1-800872-2881 

' 0HP9ftflQi - Grenadar 1-800872-2881 . 

177-1002727 001-800872-2883 

BOO-288 J amak3 ”; 0800872-2881 ' 

426-801 . Ndh-Aaifl 001-600873^881 

1-800-300 • Sr.Xto/Nevtg 1-800872-2881 

00600-122771 AFRICA 

ICAS EgT** (Cairo) 5100200 

JJ01-800200U11 Gabon* Ma4>01< 

555 OQ11T 

Ken v a ’ 0000-10 

55^ L ‘ bCrt * ~ 797-W 

5?^ 101-KTO 

hgawMAc Trooicwnr ptans 


00*8004)1111 m^a 
990001 557 


ART 


■ABT Cfllhtw Cud dor aoOMeni jB lunu «ar World Cum- <fcnkK 
l«™W'««ta^>.««taWtr^ClW»«in«wihwi- t , g a Mn , rta . wr[ - l_ B -. 

Unr*SCT«CT.4fa-wrfar-tih f vK<nterpTCLrffc i ntatar T i M ,t.^_^_ 


555 

08001131. 


0008010 Hhw4. 
AM912 1 Malawi** 




— ujtiwni 

■ OAT World Gmaecr-Sisiln.- |«Ku, j| t 

.4KT USADtWSurfcc b4«*ta»4e IrumaJI ihecuntta iMed arm. 

-14Mc (totan maactfcpnta^cunoi | Annr uud hr Jbl kn- 


© 1994 AIST 




••• NtA yrf ataOMe (hai oD anas. 

A Awxfe «enmi iU lune.